Aria Apartments is a fully gut renovated mixed-use asset located in the heart of Perth Amboy. It provides a rare combination of modern construction quality, diversified income, long term regulatory protection, and a stable yield profile that aligns directly with institutional investment criteria. The property was originally industrial and was transformed into a modern residential mixed use building, qualifying it for New Jersey’s Newly Constructed Multiple Dwelling Exemption. This exemption provides up to 30 years of relief from local rent control and rent leveling ordinances, allowing ownership to maintain market driven rent growth, reduce long term regulatory exposure, and preserve exit value.
The building has undergone a complete renovation with new mechanical systems, upgraded electrical and plumbing, life safety improvements, and updated residential and commercial interiors. These improvements materially lower capital expenditure requirements and support consistent long-term operations. The electrical capacity was recently upgraded with a new 1,200-amp system. All utilities (electrical, heat, and water) are directly metered and the tenant is responsible for each, thereby eliminating any risks associated with future increases. The roof was newly installed mid 2017 with a complete 15-year warranty that has 7 remaining years.
The property was intentionally leased at slightly below-market rent levels following the renovations in order to achieve rapid stabilization and full occupancy. The pro forma reflects the property’s true market potential, with average rents approximately $100 per unit higher than current in-place levels. Additionally, the apartments are separately metered, with tenants paying for water, hot water, electric, and heat, which significantly reduces owner utility exposure and enhances operating efficiency. These cost efficiencies further support strong net operating performance for a newly gut-renovated asset. From a financial standpoint, the Offering Memorandum reflects a purchase price of $5,900,000, an actual cap rate of 6.27%, and a pro forma cap rate of 6.59%. These metrics underscore the property’s enhanced marketability, upside potential through rent growth, and strong operating efficiency.
Investment Highlights
Fully Renovated Mixed-Use Asset with Stabilized Cash Flow & Upside
Stabilized 18-unit multifamily plus 100% occupied 3-unit commercial
Gut-Renovated in 2024: All new systems: plumbing, electrical, mechanical. Tenant's are directly metered for water, electric and heat and hot water. The owner is responsible for only common area electric, providing a tremendous hedge on building operation costs.
6.27% actual cap rate and 6.57% Pro forma Cap Rate
30 year rent control exemption
Solid Commercial Tenancy: Harborx Pharmacy, Amarilis Furniture and Charming Lady, LLC with multi-year leases and built-in escalations
Desirable Apartment Mix: One- and two-bedroom layouts averaging 800 SF
Positioned in a dynamic corridor of Middlesex County, Brunswick Commons benefits from strong local demographics and commuter connectivity. With over 284,000 residents within a 5-mile radius and average household incomes exceeding $100,000 in a 3-mile radius, the surrounding market supports both workforce housing and local retail. The 1-mile median age of 33 reflects a young, active population ideal for mixed-use tenancy.
The property is situated on New Brunswick Avenue, a major thoroughfare in the city, providing high visibility and easy access for potential customers.
Nearby amenities include the Perth Amboy Waterfront, which offers scenic views, recreational activities, and dining options.
The city is known for its diverse cultural scene, with events like the Perth Amboy Latin Fiesta attracting visitors from across the region.
Perth Amboy is in close proximity to major transportation routes, such as I-287 and the Garden State Parkway, facilitating convenient travel for both customers and employees.
Positioned in a dynamic corridor of Middlesex County, Brunswick Commons benefits from strong local demographics and commuter connectivity. With over 284,000 residents within a 5-mile radius and average household incomes exceeding $100,000 in a 3-mile radius, the surrounding market supports both workforce housing and local retail. The 1-mile median age of 33 reflects a young, active population ideal for mixed-use tenancy.
The property is situated on New Brunswick Avenue, a major thoroughfare in the city, providing high visibility and easy access for potential customers.
Nearby amenities include the Perth Amboy Waterfront, which offers scenic views, recreational activities, and dining options.
The city is known for its diverse cultural scene, with events like the Perth Amboy Latin Fiesta attracting visitors from across the region.
Perth Amboy is in close proximity to major transportation routes, such as I-287 and the Garden State Parkway, facilitating convenient travel for both customers and employees.
