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$ 1,319,000
Est. payment | /mo
5,141 SqFt
$ 1,319,000
Est. payment | /mo
5,141 SqFt
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,141 sqft
Price per Sqft $256
MLS Listing ID 4043878
Year Built 1925
Annual Tax Amount $19,984
Tax Year 2025
Lot Size 10,454 Sqft
Property Description
Value-add 6-unit multifamily with a clear, validated path to continue growing NOI while delivering the immediate cash flow and stability of a core-plus investment at a 7.1% cap rate on current financials. The property generates more than $132,000 in annual gross income from 6 apartments, 3 garages and 5 storage units in a detached building. Current apartment and ancillary rents remain below market, providing approximately $11,800 of additional annual income before any further unit renovations. Additional upside remains through completion of a renovation program already successfully executed within the same property. Current ownership has invested more than $225,000 in capital improvements since 2023, completing renovations across 4 units while addressing major capex items and deferred maintenance throughout. The remaining scope is limited to 2 partially updated units (flooring and paint) providing buyers with a clearly defined renovation strategy that has demonstrated its ability to achieve higher rents on site. Environmental items have been proactively addressed, rigorous screening has resulted in a high-quality, stable tenant base, and established property management software, systems, and operating procedures support an efficient transition for new ownership. Located approximately 60 minutes from NYC, the property offers convenient access to Routes 57, 31, and I-78, and is within walking distance of downtown.
Location
State NJ
County Warren
Zoning R3
Rooms
Basement French Drain, Full, Slab, Unfinished
Interior
Heating Electric, Gas-Natural
Cooling Window A/C(s)
Flooring Carpeting, Tile, Vinyl-Linoleum, Wood
Equipment Appliances, Fire Alarm, Fixtures, Smoke Detector, Storage Area(s)
Heat Source Electric, Gas-Natural
Exterior
Exterior Feature Vinyl Siding
Garage Spaces 11.0
Utilities Available Electric, Gas-Natural
Roof Type Asphalt Shingle, Rubberized
Building
Lot Description Corner, Level Lot
Story 3
Sewer Public Sewer
Water Public Water
Others
Ownership Fee Simple
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Listed by NJ REALTY SYSTEMS LLC.
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