The Kislak Co., Inc. announced the successful, exclusive sale of Burgh Apartments, a 22-unit multifamily residential property located at 46 Burgh Avenue in Clifton, Passaic County, for $3,750,000.
Senior Vice President Robert Squires marketed the property exclusively on behalf of the longtime seller, Burgh Associates, LLC, and also procured the private buyer, Luka 46, LLC.
The pre-war asset generated intense market competition under Kislak’s stewardship.
“We received nine qualified offers within a two-week marketing period,” Squires said. “Strong investor demand and the property’s significant value-add potential resulted in a sale at approximately a 5% cap rate and a price exceeding $170,000 per unit.”
Constructed in 1928, Burgh Apartments had remained under single ownership for over 45 years. The professionally maintained building features classic hardwood floors, on-site laundry facilities, and a newer hot water tank installed in 2022. Because heat and hot water are landlord-provided and current rents sit below market rate, the property presents substantial upside potential through optimized management and future unit renovations.
Situated in one of northern New Jersey’s premier multifamily submarkets, 46 Burgh Avenue offers exceptional transit connectivity and regional accessibility:
- Immediate proximity to Routes 80, 46, 21, 17, and the Garden State Parkway.
- Located roughly 14 miles from New York City.
- Less than 1.5 miles from the Clifton NJ Transit station, offering direct commuter rail access to Manhattan.
Squires emphasized that the transaction underscores the resilient appetite for well-maintained income-producing assets across the region.
“This transaction reflects the continued strength of উত্তর (northern) New Jersey multifamily market,” Squires added. “Well-maintained pre-war apartment buildings with long-term ownership, proven operating history, and meaningful rental upside remain among the most sought-after investment opportunities in today’s market.”
