Lincoln Place Residences.

Opportunity

The property at 17 Lincoln Place is a classic Waldwick two-family residence, a slate-blue Victorian on an established street, with generous rear-yard depth and a detached multi-car garage. As acquired, the residence carried strong bones and locational advantages, but was operating below its potential as a residential rental asset.

The underwriting strategy was multifamily repositioning: retain the character of the residence and the two-family unit structure, but upgrade functionality, finishes, and rentability to reset the property's operating economics and long-term residential value.

Strategy

Palisade approached Lincoln Place as a repositioning rather than a redevelopment. The two-family unit configuration, exterior massing, and Victorian character were preserved, both to respect the streetscape and to retain the property's rental-market appeal. Interiors, kitchens, bathrooms, systems, and finishes were fully renovated.

Total finished area across the two units is approximately 2,668 square feet, with a combined eight bedrooms and five bathrooms, supported by a detached four-car garage and additional off-street parking, a rare and material amenity in the Waldwick rental market.

Execution

Both unit kitchens were rebuilt with painted shaker cabinetry, quartz countertops, stainless appliance packages, and light-oak flooring, durable finishes calibrated to tenant expectations and long-term serviceability. Bathrooms were fully renovated with marble-tile shower surrounds, contemporary vanities, and matte-black fixture packages.

The attic-level bathroom was reconstructed to make the top-floor bedrooms fully lettable. Systems, HVAC, plumbing, electrical, were serviced and updated. Exterior work restored the residence's Victorian character while resolving deferred maintenance across siding, trim, and porch details.

Outcome

Lincoln Place closed in 2024 at $1,115,000, in line with the underwritten repositioning outcome for a two-family Waldwick asset. The disposition marks the completion of Palisade's first multifamily repositioning and validates the strategy as a scalable third arm alongside the firm's ground-up and redevelopment platforms.