I joined my friend in looking at some property in Hackensack, NJ. There was a new development going on Prolifly St. My friend was looking at a 1500 sq ft 2-bedroom apartment, priced at $399K. The condo’s design was loft-style, so it was spacious. It has two baths and a walk-in closet in the master bedroom. The condo comes a reserved parking space on the ground floor. The location of the building was right next to a 24 hour Rite-Aid store. The NJ Transit train and bus were two blocks away. The George Washington Bridge is only 8 minutes away by car.
My friend was looking for an apartment for himself and his girlfriend. The place would be a comfortable living for both of them.
I was looking at it from an investment standpoint. I ran some numbers in my head and figure I would need at least $2500/month in rent to cover the expenses of owning it. Even though the apartment is very spacious and would definitely be a luxury living, I don’t think it would be likely I can rent out the apartment for $2500.
Hackensack is very close to New York City. The property there has a very good chance of appreciation in the next few years. My friend and I predict that the apartment we looked at may hit $600K in two years.
Here is some information on the building: