Investment in West NY or Bayonne

6 Replies

Hello all,

Thank you in advance for all of your help.   I just wanted to inquire about your opinion on which property you would purchase.  Both have newly renovated bathrooms and kitchens.

2 bedrooms in Bayonne - no laundry in unit or building

1 bedroom in West New York - combo laundry in unit

No parking for either.

I can potentially live in either.

The Bayonne property will cost me about $1,800 a month. The building is an older building with an elevator no laundry in unit or building but 8 minute walk to light rail and on block with bus to NY. In order to make a profit I'd have to charge at least $2,100 and am not sure if I can get that in Bayonne. There is more space to this one with 2 bedrooms and enough room for a living and dining area with plenty of space. 

The West New York property will cost me about $1,400 a month. This building is also older and is a walk up. Laundry in unit. View of NY skyline from apartment and is considerably smaller as a 1 bedroom. I would need to charge at least $1,600 to make a small profit and am again not sure of the rental market in West New York. 

Updated over 3 years ago

It should also be noted that there are many developments happening near the block of the Bayonne apartment. https://www.google.com/amp/nypost.com/2017/06/01/overlooked-bayonne-nj-finally-gets-its-building-boom/amp/

I don't have too much experience in Bayonne. I really like west New York, very close to the city. if your place is close to blvd east, it would only take 20mins or less on bus to get to port authority.  It has been very easy for me to rent out places in West New York. last time it took us 10 days to have new tenants move in. the low vacancy rate helps to reduce the expenses. 

Originally posted by @Daniela Gordon :

The Bayonne property will cost me about $1,800 a month. The building is an older building with an elevator no laundry in unit or building but 8 minute walk to light rail and on block with bus to NY. In order to make a profit I'd have to charge at least $2,100 and am not sure if I can get that in Bayonne. There is more space to this one with 2 bedrooms and enough room for a living and dining area with plenty of space. 

The West New York property will cost me about $1,400 a month. This building is also older and is a walk up. Laundry in unit. View of NY skyline from apartment and is considerably smaller as a 1 bedroom. I would need to charge at least $1,600 to make a small profit and am again not sure of the rental market in West New York. 

 number wise, they look very very close. the question I would ask is which one you prefer to live in. If the conditions and cash flows are close, I would choose the one that has better location.