Are there any investors on BP who have property in the Watsessing Ave area of Bloomfield? I would love to connect and hear your thoughts on the area and especially market rents...... Hello BP community! I am a new investor planning to owner occupy my first multi unit property. I've digested a lot of knowledge and practiced running numbers over the past few months to the point where I feel well equipped (enough) to take the plunge. One thing I'm struggling with however is my ability to really understand the local markets in some of the areas I've been targeting. Among a couple areas, I think Watsessing Ave in Bloomfield has great transit, appropriately priced properties (cash flow opportunities), and there seems to be some serious development happening (new supermarket and luxury apts just finishing a short walk east of the Watsessing Ave station). I've driven many of the streets and seen a few properties in the area to get a feel. Aside from a few streets, I think it has an ok vibe to it (not North Bloomfield/Montclair, but not like rougher areas a little further south). It's also tougher to tell in the winter months when less people are outside. Does anyone have a good picture on the tenant class/who is renting? I think the biggest "?" that could sink the ship is my analysis of market rents. I do everything fairly conservatively, but a few hundred dollars off can really make or break a lot of the properties I'm seeing. I've been looking at Trulia and Craigslist to make my determinations and understand there can be a big swing depending on the general quality of the apt. Any insight/advice is greatly appreciated. Thanks all!

@Jon Goehring a higher end looking renovation will work well on that side of town, but you don't want to over renovate. Take a look at renovated homes and apartments on the market in the area and see what hey have done. You'll want to give the people what they are looking for to get to the top of the rent range (upgraded kitchens and baths, grey walls, espresso wood floors or something similar) but you can do very well on that side of town. I think I know the property you purchased, but Florence is a decent street and the right renovation will bring in the cashflow.

This thread is excellent! We purchased a duplex on Lawrence Street last year (almost exactly across from the Parkway Lofts). To give rough numbers, when we purchased we closed in October and wanted to get a tenant in ASAP so we listed at $1,600 for a 2 bedroom ending this August. We recently just turned it over in a few short days and now receive $1,750 for the 2 bedroom. I'm certain this apartment can climb higher in time, as it is fully renovated and a commuters area. We also have a 3 bedroom that is around $2,300 per month. I would definitely recommend spending most of the money in renovations on the kitchen, bathroom, and exterior (siding, paint, landscape). I think it helps having the luxury apartments nearby (and there's a new one they're building behind the train station on MacArthur). Mainly, we can always keep up with the luxury buildings by offering the same # of bedrooms as a cheaper price. I hope that a coffee shop or something similar does open on Dodd because that would be phenomenal for the market. The only thing that comes close is a dog hotel place. Would love to help anyone else interested in this area!

Hey everyone! Obviously late to the party here but wondering how is the area near the Watsessing Station (NJ Transit) across the tracks from Parkway Lofts? I found something I am interested in and the numbers look good all around but my main concern is safety as the southern part of Bloomfield does not seem to have the most stellar reputation. A bit more about where this is coming from: - I recently moved from the city to Montclair (near Watchung Plaza). - I've been on the sidelines with this weird high interest rate and volatile environment for about two years now. I've been eager to get in the game and I'm lucky enough to have a seasoned, career investor on my team in my father-in-law. - I love the area and I've been looking at multi-family in Montclair/Nutley/Verona/Bloomfield for about a year now. I know the area around where I live quite well but that part of Bloomfield, not so well. - I would most likely not owner-occupy it so in terms of safety, as long as it does not deter most tenants from renting is fine with me. Thanks in advance!!

Bloomfield NJ Watsessing station area investors?

Tim Pagano

Glen Ridge, NJ · Member since 2016 · 69 posts · 41 votes

9y

I live only a few miles from your prospecting area. That distance can make a huge difference. Yes you are looking at one of the rougher areas in Bloomfield. I know the properties you're looking at and I don't see that area turning around just yet. There's a lot of large apartment building going on but I'm concerned that there may be too much building given the number of jobs in the area. RE investors have a tendency to overbuild capacity during boom times and we've had a long run so far. Bloomfield schools are not the best, though some of the elementary schools are quite nice.

Who do you want to rent to is the question? South of the RR Tracks and east of the Parkway are not going to get the premium prices that you're seeing along Bloomfield Ave. The Watsessing area can get a little rough. Last fall our girls soccer team had a game canceled because one of her friends found a dead body just off the pitch near the parkway. I like Bloomfield. I've just decided not to invest in that section of town. Right now I'm doing flips because going long just doesn't make sense to me given all the craziness politically.

Have you looked at Rentometer.com? That will provide you the higher end rents. The area you're looking in does not draw the same kind of rent though. I would think in the $1100 to $1500 range. Also have you talked to any property management companies to get their take? That is if you're going to farm that work out.

Good luck and let me know how it goes. All the best.

4 Reply

Jordan Gregg

OP

Rental Property Investor · San Diego, CA · Member since 2016 · 42 posts · 22 votes

9y

@Tim Pagano Thank you for the reply Tim, I really appreciate the info!

That makes sense that new development may not always be a sign that things are turning in the near future. I've read people's comments on the Parkway Lofts and how the building is nice but the area is still awful.. however there's really nothing there, whereas to the east there are at least some restaurants, new Aldi supermarket, etc.

I was thinking that the apartments aren't targeting tenants with local jobs, but NYC commuters since the ride from Watsessing to Penn Station is ~30 minutes during work hours. I currently live at the 9th St Light Rail in Hoboken and they are marketing the hell out of the new apts at Watsessing and Bloomfield Ave. Advertising 1-2 br apts "Starting at under $2k".

Ideally, I'm looking to rent to NYC commuters/professionals who are priced out of JC/Hoboken or just want a little more space for their $... i.e. I want to rent to myself :) I'm not opposed to families and would ideally like to be ~2-2.3k/unit for a 2-3br/2ba, ~1600 for a 2/1, ~1300 for a 1/1. I know you can easily get those numbers further north, but the cash flow just isn't there based on purchase price. I am looking along Bloomfield ave, and a few blocks north/south of Watsessing. There is also a pocket just west of the parkway, east of the park and north of Watsessing where I'm seeing some listings that look like they could cash flow.

That's terrible to hear your daughter's friend was exposed to that. Was this at Watsessing Park?

Thanks for the tip on rentometer.com, looks like another good tool to try and find your center. Do you know how they source their data? I have not talked to property management companies and plan to self-manage, although probably not a bad idea to talk to them anyway.

Thanks again!

2 Reply

Tim Pagano

Glen Ridge, NJ · Member since 2016 · 69 posts · 41 votes

9y

Yes the body was at Watsessing. You should read the Bloomfield master plan to see if development is headed in the right direction for your investment goals. Keep me posted if you find something. I would love to hear your story.

2 Reply

Darren SagerPro Member

Investor · Tampa, FL · Member since 2013 · 2k+ posts · 1k+ votes

9y

I'm bullish around the Watsessing station in Bloomfield @Jordan Gregg. 192 Bloomfield is spending some serious $$ on the corner of Watsessing and Bloomfield Ave. The Parkway Lofts have done very well. Both those large projects aren't relying upon local jobs but city jobs. Such an easy commute from there. I know a few investors who've gone into that market and are doing well.

862-208-2287 Podcast Guest on Show #48

2 Reply

Jordan Gregg

OP

Rental Property Investor · San Diego, CA · Member since 2016 · 42 posts · 22 votes

9y

Thanks @Tim Pagano for pointing me to the master plan. I will take a look and see if I can draw out any analysis - I'll be sure to keep you in the loop on what I find.

Thanks @Darren Sager for the input, good to hear that investors are having success in that area. Any chance you have colleagues investing in the area who might be willing to share their experiences and perspective? I would be grateful for any extra help/introductions. Thank you!

Bloomfield NJ Watsessing station area investors?

Most Popular Reply

51 Replies