Featured Investment Property

473 Grand Avenue, Leonia, New Jersey 07605

Six-Unit Multifamily Investment

Six-family buildings in Bergen County almost never come to market with the hard work already done.

The usual version of this deal is a building that needs a roof, a sprinkler system, a masonry job and a fight with the town, priced as though none of that is coming. You buy it, you spend two years and a few hundred thousand dollars getting it stabilized, and only then do you start earning what you underwrote on day one.

473 Grand Avenue is the other version. The central fire sprinkler and the monitored wireless alarm went in during 2025. The exterior stucco masonry was completed in November 2025. The hot water heater is new as of January 2026. The parking area was repaved. The building holds a current New Jersey Department of Community Affairs state inspection certificate. The same family has owned it for close to fifty years and the records go back that far.

What is left is the part you actually want to own: three original kitchens, one superintendent apartment carried well below market, and a rent roll that has not been pushed. Renovated two-bedroom apartments on this same street leased between $2,400 and $2,750 during 2026. The apartments here are larger than most of what competes with them.

You are not buying a problem and calling it upside. You are buying a stabilized asset in Leonia with a defined program you can run one apartment at a time, on turnover, without emptying the building to do it.

Property overview

473 Grand Avenue, Leonia, NJ 07605. Six-unit multifamily. Five two-bedroom, one-bathroom apartments and one one-bedroom, one-bathroom apartment. Three stories of brick construction, built 1964. Block 510, Lot 1. A 9,043 square foot lot measuring 76 feet by 119 feet. Offered at $1,699,000, or $283,167 per apartment.

The building

Six apartments, all occupied at the time of offering, with no vacancy. Three of the six kitchens have been updated. The remaining three are original and represent the interior program a purchaser executes on natural turnover. Windows have been replaced over the years. The roof is asphalt shingle, reported by ownership to be approximately twelve years old against a twenty-five year shingle rating. That figure is owner-provided and approximate, and the purchaser should verify age, condition and remaining service life by independent inspection.

Capital and compliance

Central fire sprinkler system installed spring 2025. Monitored wireless central station alarm, spring 2025. Exterior stucco masonry completed November 2025. New hot water heater serving the building, January 2026. New blacktop parking area, 2026. The property holds a current New Jersey Department of Community Affairs Bureau of Housing Inspection certificate.

Parking and utilities

Six rear parking spaces, one per apartment, included in rent. Tenants are separately metered and pay their own electric and cooking gas. Ownership pays water, sewer, heat, hot water and common area lighting. That split is what keeps the expense ratio where it is.

Income

Gross annual rent is approximately $104,826, owner-provided and furnished to the best of ownership's knowledge. Purchaser will have the opportunity to verify all income, expenses, leases and operating history during the due diligence period and is expected to do so. The proforma is available on request following a short conversation with the listing broker. Executed leases, tenant ledgers, operating statements and capital invoices are released in due diligence under a signed confidentiality agreement.

Location

Leonia sits between the George Washington Bridge and Overpeck County Park in eastern Bergen County. NJ Transit Route 166 runs from Broad Avenue to the Port Authority Bus Terminal in roughly thirty minutes. Route 182 serves the George Washington Bridge Bus Terminal. Routes 751, 755 and 756 provide local service. The bridge itself is about a twenty minute drive to Midtown in off-peak conditions. Overpeck County Park, more than 800 acres, borders the borough on the west. Sylvan Park is on Grand Avenue. H Mart and the Broad Avenue retail corridor are a few minutes away. That combination is why tenant demand here has held.

Questions buyers ask about 473 Grand Avenue

What is the price of 473 Grand Avenue in Leonia, NJ?

The building is offered at $1,699,000, which works out to $283,167 per apartment for six units.

How many units are in the building and what is the mix?

Six legal apartments. Five are two-bedroom, one-bathroom units. One is a one-bedroom, one-bathroom unit.

Is the building fully occupied?

Yes. All six apartments were occupied at the time of offering, with no vacancy.

What is the gross annual rent?

Approximately $104,826. That figure is owner-provided and furnished to the best of ownership's knowledge. It is subject to verification by the purchaser during due diligence.

What capital work has already been completed?

Central fire sprinkler system and monitored wireless alarm in spring 2025, exterior stucco masonry in November 2025, a new hot water heater in January 2026, and a new blacktop parking area. Three of the six kitchens have been updated.

How old is the roof?

Ownership reports the roof is asphalt shingle and approximately twelve years old, against a twenty-five year shingle rating. That figure is owner-provided and approximate. A purchaser should verify age, condition and remaining service life by independent inspection.

Does the building have a current state inspection certificate?

Yes. The property holds a current certificate from the New Jersey Department of Community Affairs, Bureau of Housing Inspection.

Where is the rent upside in this building?

Three original kitchens and one superintendent-occupied apartment carried below market. Renovated two-bedroom apartments on Grand Avenue leased between $2,400 and $2,750 during 2026. The program runs unit by unit on turnover rather than all at once.

Who pays the utilities?

Tenants are separately metered and pay their own electric and cooking gas. Ownership pays water, sewer, heat, hot water and common area lighting.

Is there parking at 473 Grand Avenue?

Six rear parking spaces, one per apartment, included in rent. The lot was repaved in 2026.

How far is Leonia from Manhattan?

NJ Transit Route 166 runs from Broad Avenue to the Port Authority Bus Terminal in roughly thirty minutes. The George Washington Bridge is about a twenty minute drive to Midtown in off-peak conditions.

What are the current property taxes?

2025 taxes billed were $24,613.38 per the tax record. The 2026 municipal rate has not been struck. Purchaser should confirm the struck 2026 rate with the Borough of Leonia tax collector.

How do I get the proforma and the full financials?

Call or text Scott Selleck at 201-970-3960, or email [email protected]. The proforma is sent after a short conversation, so that Scott can confirm the property fits what you are buying and answer the questions the document will raise. Executed leases, tenant ledgers, operating statements and capital invoices are released later, in due diligence, under a signed confidentiality agreement.

Can I tour the property?

Property tours are scheduled by appointment through the listing broker. Tenants are not to be contacted directly.

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