WOOD RIDGE, NJ—High Hill, which built and has owned The Hilltopper, a 22-unit multifamily property located at 2-4 Hackensack Street in Wood Ridge, Bergen County, New Jersey for 40 years, has sold the property to KHQ Properties for $4.1 million.
The Kislak Company marketed the property on an exclusive basis for the seller, and Kislak vice president Andrew Scheinerman also procured the purchaser.
“The seller recognized after owning the property for 40 years that now was an ideal time to sell given rising rental prices in Bergen County and lending interest rates,” says Scheinerman. “With such high rents, the buyer recognized the hidden value still remaining in the units as increased income potential.”
Located on a quiet road off Route 17, the townhouse-style complex, built in 1976, includes duplex units averaging 650-square-feet each, with private balconies, wood-burning fireplaces, vaulted ceilings and hardwood flooring. The buildings containing 19 one-bedroom, 2 two-bedroom, and 1 three-bedroom apartments are all electric and have on-site parking. The Hilltopper once housed the New York Giants in the 1980s.
While there have been some renovations over recent years including the installation of new deck railings, a new roof at 2 Hackensack Street, upgraded aluminum stairs and new cabinets, KHQ expects to upgrade and renovate the complex further.
Such value-added investment is further supported by the fact that Wood Ridge rental rates have increased 13 percent vs. last year, Kislak says.
Financing was provided by ConnectOne Bank. The seller was represented by Jonathan R. Mehl, Esq. and the purchaser was represented by John Profita, Esq.