ICON Real Estate Advisors has successfully arranged the $5.05 million off-market sale of 270 Orchard Terrace, a fully occupied 25-unit multifamily property located in the Bergen County borough of Bogota.
ICON Managing Partner David Jarvis and Director of Multifamily David Betesh exclusively represented the seller, 270 Orchard Associates LLC, in the transaction. Additionally, Jarvis represented the buyer, Grand Forks TW LLC.
Built in 1923, the three-story property sits on approximately 0.20 acres and comprises six studio apartments alongside 19 one-bedroom residences. At the time of the sale, the asset was fully occupied, presenting the purchaser with an immediate cash-flowing investment paired with substantial long-term upside.
In-place rents were noted to be more than 40% below current market levels. Furthermore, the property is not subject to local municipal rent control, giving the new ownership increased flexibility to capture future rent growth as leases renew.
“270 Orchard Terrace presented a strong off-market opportunity in a desirable Bergen County location,” Betesh said. “Its stable occupancy and below-market rents made it an attractive acquisition with strong long-term potential.”
Situated near Hackensack and Teaneck, 270 Orchard Terrace offers convenient regional connectivity. Residents enjoy easy access to major thoroughfares, including Route 4 and Interstate 95, robust NJ Transit bus services to Manhattan, and proximity to a wide array of local employment hubs, retail centers, parks, and schools.
