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Ataullah Barnes

ataullah@rogprodigy.com +1(973) 277-2575

$1,319,000

Est. payment - /mo

5,141 SqFt

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UPDATED:

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

Garage No

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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Ataullah Barnes

+1(973) 277-2575

Broker License ID: 0454603

59 Railroad Ave Washington Boro, NJ 07882

Ataullah Barnes

Key Details

Location

Rooms

Interior

Exterior

Building

Others

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NEARBY SCHOOL & BUSINESS

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59 Railroad Ave