530 US-22 e, bridgewater, NJ 08807
a multifamily conversion opportunity
128 units | built / renovated 1998 / 2020
Berkadia Real Estate Advisors is pleased to present the opportunity to acquire Bridgewater Flats (“The Property”), a 128-unit, multifamily conversion opportunity, located in Bridgewater, New Jersey. The Property offers a seamless conversion opportunity from hospitality to multifamily. Prospective investors benefit from the opportunity to achieve risk-adjusted returns without the full risk profile of ground-up development, within one of the most desirable suburban locales in Northern New Jersey.
Property summary
Units
128 (88 market rate units & 40 COAH units)
Year Built / Renovated
1998 / 2020
Average Unit Size
747 SF
Average Market Rate Rent
$2,482
Average Affordable Rent
$1,380
Number of Buildings
6
Number of Stories
Five, 3-story buildings; One, 2-story building
investment highlights
Rare Conversion Opportunity
- Straightforward conversion to multifamily: kitchens and living spaces already included in all units, and two bathrooms in all two-bedroom units
- Recent renovations kept interiors up to date with current market preferences
- Comprehensive amenity package in place
Attractive Development Incentives
- The Property will benefit from a five-year tax abatement upon completion of the conversion
- Bridgewater Township has agreed to contribute $590,000 toward construction costs
Strategic Location
- Less than 1 mile from Route 202 & I-287, and within a 10-minute drive of several multi-national pharmaceutical HQ’s
- $134,201 median income | $691,100 median home value in Bridgewater
Exceptional Market Fundamentals
- 98.6% occupancy rate as of 2Q22
- 13.0% year-over-year rent growth
- 4.9% projected five-year average annual rent growth rate
photo gallery
Virtual Tour
one bedroom
two bedroom
Property features
Interior Luxuries
- Stainless Steel Appliances
- Granite Countertops
- Wood-Plank Flooring
- Modern Cabinetry
- Carpeted Bedrooms
- Walk-In Closets
Community Amenities
- Modern Clubhouse
- Fitness Center
- Business Center
- Resort-Style Swimming Pool
- Hot Tub
- Sport Court
- Outdoor TV Lounge Area
- Grilling Stations
- Fire Pit
Location
Premier Accessibility to International Employers
Bridgewater Flats is located along Route 22 in Bridgewater NJ, less than one mile from Route 202 and I-287, providing convenient access throughout the region. Bridgewater features a significant concentration of pharmaceutical employers, including the World HQ of Amneal and North American Headquarters of Sanofi. Non-Pharma employers within one mile of the property include MetLife and Oracle. Overall, there is 12.5MM SF of office space and 8.9MM SF of retail space within a 5-mile radius surrounding the property.
Contact Us
Investment Sales
Matthew Stefanski
Senior Managing Director
215.328.1339
matthew.stefanski@berkadia.com
Zachary Pierce
Senior Managing Director
215.328.1329
zac.pierce@berkadia.com
Maura Spellman
Associate
215.328.1385
maura.spellman@berkadia.com
Nat Gambuzza
Senior Managing Director
862.309.5612
nat.gambuzza@berkadia.com
Trevor Fiebel
Senior Director
862.309.5615
trevor.fiebel@berkadia.com
Kyle Stevenson
Managing Director - Hotels & Hospitality
703.888.6578
kyle.stevenson@berkadia.com
Mortgage Banking
Jeremy Lynch
Director
610.213.3098
jeremy.lynch@berkadia.com
Bridgewater flats
530 US-22 E | Bridgewater, NJ 08807
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
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