509 MONASTERY Pl · Union City, NJ 07087

$899,000

8 bd · 4.8 ba · 3,054 sqft · MultiFamily public records · 95 Days on market

Built 1930 Est $1040k · 14% under

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +21.3/30.0
• ARV discount +13.6/15.0
• Appreciation +10.0/10.0
• DSCR +6.8/10.0
• 1% rule +6.5/10.0
• Livability +3.9/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Prime Union City Investment Opportunity. Unlock the potential of this substantial 4-family property with a bonus studio. Perfectly situated right off Bergenline Avenue and just West of Reservoir Park in one of Hudson County’s most convenient locations. Access to NYC within minutes keeps tenant demand in the area high. One unit currently vacant and ready to be renovated on the main floor. Great for either an owner occupier or investor. The three additional units offer immediate cash flow, with all tenants on month-to-month leases. Income potential as is of approximately $80,000 per year and 6% cap rate with plenty of room for improvement. Additionally there is a back building and large basement complete with another full bath. Currently used as storage, these spaces have tons of potential for future customization. Bring your vision to life with this incredibly flexible investment property in an ideal location.

Key facts

• Ideal location
• Bonus studio
• Large basement

Tags

• BONUS STUDIO
• LARGE BASEMENT
• FULL BATH
• FLEXIBLE INVESTMENT PROPERTY
• IDEAL LOCATION

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.2-bath units multifamily listed at $899k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $330/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $899k).
• Recommended offer: $818k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 2.3% in Union City — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#117 in NJ, #2,998 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A; Watch: cost of living F.
• Union City School District (suburban): math 15% / reading 36% proficiency, ranked #399 of 472 in NJ (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 85% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 228 active listings in the ZIP; 5,310 units permitted in Hudson County in 2024 (4,154 in 5+ unit buildings).

Forward outlook

• In year one you build about $96k of equity ($6k loan paydown + $90k appreciation (10.0% local appreciation)).
• Hudson County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 0.9% rent growth), your $252k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$155k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 95 days — a 9% lower offer ($818k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 26y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $362k; list at $899k implies a 148% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $818,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 95 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.15% ✓
• Cap rate: 8.05%
• Cash-on-cash: 6.29%
• DSCR: 1.28
• GRM: 7.3

CMA / ARV

• ARV (median comp): $1,040,460
• List price: $899,000
• Delta: -13.60%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 0.89% rent growth · sell at horizon

5-year hold

• IRR: 28.0%
• Equity multiple: 3.20×
• Total profit: $552,757
• Equity at exit: $809,890

10-year hold

• IRR: 23.8%
• Equity multiple: 7.05×
• Total profit: $1,522,932
• Equity at exit: $1,746,559

Cash invested: $251,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 21 Tenant-Leaning
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

Anti-eviction Act requires just-cause statewide; rent control in 100+ municipalities; one of the most tenant-friendly states.

Methodology + full state rankings →

ZIP-level market 07087

• Home prices YoY: 9.6%
• Rents YoY: 0.9%
• Active inventory: 228
• Price-to-rent: 29.1×

Monthly cashflow live

• Estimated rent: $10,299 high
• Mortgage (P&I): −$4,714
• Tax from tax record: −$1,728 /mo · $20,735/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,163
• Net cashflow: $1,319

Break-even live

Break-even rent $8,629

Max offer price $899,000

Occupancy floor 82%

Sensitivity live

Price	-10% $1,828	-5% $1,574	+0% $1,319	+5% $1,065	+10% $810
Rent	-10% $506	-5% $912	+0% $1,319	+5% $1,726	+10% $2,133
Rate	-1.0pp $1,772	-0.5pp $1,548	base $1,319	+0.5pp $1,086	+1.0pp $849

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1.2	$10,300
Total (4 units)			$10,299

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $224,750
• Closing costs: $26,970
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-09
   days on market $899,000 Active 95 DOM
2. 2026-06-08
   days on market $899,000 Active 94 DOM
3. 2026-06-07
   days on market $899,000 Active 93 DOM
4. 2026-06-04
   days on market $899,000 Active 90 DOM
5. 2026-06-03
   days on market $899,000 Active 89 DOM
6. 2026-06-02
   days on market $899,000 Active 88 DOM
7. 2026-06-01
   days on market $899,000 Active 87 DOM
8. 2026-05-31
   days on market $899,000 Active 86 DOM
9. 2026-03-06
   listed $899,000 Active 941-char remark

   Show marketing remark (928 chars)

   Prime Union City Investment Opportunity. Unlock the potential of this substantial 4-family property with a bonus studio. Perfectly situated right off Bergenline Avenue and just West of Reservoir Park in one of Hudson County’s most convenient locations. Access to NYC within minutes keeps tenant demand in the area high. One unit currently vacant and ready to be renovated on the main floor. Great for either an owner occupier or investor. The three additional units offer immediate cash flow, with all tenants on month-to-month leases. Income potential as is of approximately $80,000 per year and 6% cap rate with plenty of room for improvement. Additionally there is a back building and large basement complete with another full bath. Currently used as storage, these spaces have tons of potential for future customization. Bring your vision to life with this incredibly flexible investment property in an ideal location.

10. 2026-03-06
    listed $899,000 Active 928-char remark

    Show marketing remark (928 chars)

    Prime Union City Investment Opportunity. Unlock the potential of this substantial 4-family property with a bonus studio. Perfectly situated right off Bergenline Avenue and just West of Reservoir Park in one of Hudson County’s most convenient locations. Access to NYC within minutes keeps tenant demand in the area high. One unit currently vacant and ready to be renovated on the main floor. Great for either an owner occupier or investor. The three additional units offer immediate cash flow, with all tenants on month-to-month leases. Income potential as is of approximately $80,000 per year and 6% cap rate with plenty of room for improvement. Additionally there is a back building and large basement complete with another full bath. Currently used as storage, these spaces have tons of potential for future customization. Bring your vision to life with this incredibly flexible investment property in an ideal location.

11. 2026-02-13
    historical
12. 2026-01-14
    price $949,000
13. 2025-09-16
    listed $1,150,000 Active
14. 2025-08-13
    historical
15. 2025-07-28
    listed $1,150,000 Active
16. 2004-09-30
    soldstatus $362,500
17. 2004-09-16
    soldstatus $362,500
18. 2004-04-06
    listed $389,900
19. 2004-03-11
    historical
20. 2003-09-30
    listed $349,000
21. 2003-08-08
    historical
22. 2003-01-22
    listed $300,000
23. 2001-05-29
    soldstatus $227,900
24. 2001-05-25
    soldstatus $227,900
25. 2001-02-27
    historical
26. 2001-02-24
    listed $219,900
27. 2000-12-01
    historical
28. 2000-08-29
    listed $224,000
29. 1989-04-04
    soldstatus $235,000
30. 1988-06-16
    soldstatus $200,000
31. 1984-11-01
    soldstatus $85,000
32. 1978-11-01
    soldstatus $29,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NJ · Partial reset (capped growth)

• Current annual tax: $20,735 · $1,728/mo
• Projected year-2 tax: $21,560 · $1,797/mo
• Expected delta: +$825/yr (+$69/mo · 4.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $123,588
• − Mortgage interest: −$50,358
• − Property taxes: −$20,735
• − Insurance: −$4,495
• − Repairs & maintenance: −$9,887
• − Management: −$9,887
• − Depreciation: −$26,153
• Taxable income: $2,074
• Est. tax owed @ 24.0%: −$498
• After-tax cash flow: $15,334/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Union City School District
• NCES district ID: 3416380
• Math proficiency: 15% ▼ -19.00%
• Reading proficiency: 36% ▼ -19.00%
• Median HH income: $41,210
• Composite: 21.55/100
• National rank: #8312
• State rank: #399 of 472 in NJ

Livability — Union City

• Score: 77/100
• State rank: #117
• US rank: #2998

Category grades

Amenities A+ Commute A+ Cost of living F Crime C+ Employment C+ Housing C+ Health & safety A User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Union City, NJ
• County: Hudson County · 718,323 people
• City population: 66,463
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 66,463
• Household income: $64,310
• Rent vs Own: 80.9% rent · 19.1% own
• Severe rent burden: 6042.0

Population outlook (Hudson County) Hauer SSP2

• Today (2025): 771,834 people
• By 2030: 818,028 · +6.0%
• By 2040: 907,866 · +17.6%
• By 2050: 994,480 · +28.8%
• By 2075: 1,163,301 · +50.7%
• By 2100: 1,254,703 · +62.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (82%)
• Race & ethnicity: Hispanic / Latino 82% Two or more races 28% White 10% Asian 4% Black 3% Native American 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 8% Cuban 9% Dominican 17%
• Foreign-born: 55% · Canada, Jamaica, China
• Languages at home: 18% English-only · Spanish 74% Other Indo-European 2% Arabic 1%

Political lean MEDSL · Hudson

• 2024 margin: Strong D (+28.1) · D 62.6% · R 34.6% · Other 2.8%
• 2008→2024 swing: -18.7pp toward R · 2008: 46.7pp · 2024: 28.1pp
• All cycles: 2024: D+28.1 2020: D+46.2 2016: D+51.8 2012: D+55.7 2008: D+46.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 52.10%
• Current HPI: 597.8126
• Rent YoY: ▲ 0.89%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.05%
• F500 in state: 34

Industry mix (Fortune 500 HQ in NJ)

Industry	F500 HQs	Revenue
▸Consumer Goods	3	$31B
▸Pharmaceuticals	2	$153B
▸Technology	2	$21B
▸Insurance	2	$20B
▸Healthcare	2	$19B
▸Financial Services	1	$70B

Price history

+2947.5% since first listed

24 events — show timeline

• 2026-03-06 Listed $899,000 HCMLS
• 2026-03-06 Listed $899,000 NJMLS
• 2026-02-13 Listing Removed — HCMLS
• 2026-01-14 Price Changed $949,000 HCMLS
• 2025-09-16 Listed $1,150,000 HCMLS
• 2025-08-13 Listing Removed — HCMLS
• 2025-07-28 Listed $1,150,000 HCMLS
• 2004-09-30 Sold (Public Records) $362,500 Public Records
• 2004-09-16 Sold (MLS) $362,500 HCMLS
• 2004-04-06 Listed $389,900 HCMLS
• 2004-03-11 Listing Removed — HCMLS
• 2003-09-30 Listed $349,000 HCMLS
• 2003-08-08 Listing Removed — HCMLS
• 2003-01-22 Listed $300,000 HCMLS
• 2001-05-29 Sold (Public Records) $227,900 Public Records
• 2001-05-25 Sold (MLS) $227,900 HCMLS
• 2001-02-27 Listing Removed — HCMLS
• 2001-02-24 Listed $219,900 HCMLS
• 2000-12-01 Listing Removed — HCMLS
• 2000-08-29 Listed $224,000 HCMLS
• 1989-04-04 Sold (Public Records) $235,000 Public Records
• 1988-06-16 Sold (Public Records) $200,000 Public Records
• 1984-11-01 Sold (Public Records) $85,000 Public Records
• 1978-11-01 Sold (Public Records) $29,500 Public Records

Property tax history

+4.2%/yr

Latest (2025): $20,735 · +10.0% YoY. Source: county tax records.