$ 886,900
774 S Main St Phillipsburg Town, NJ 08865
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$ 886,900
Est. payment /mo
Active
774 S Main St Phillipsburg Town, NJ 08865
12 Beds
5.5 Baths
10,018 Sqft Lot
UPDATED:
09/10/2024 10:13 AM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 3922112
Style See Remarks
Bedrooms 12
Full Baths 5
Half Baths 1
Annual Tax Amount $13,200
Tax Year 2023
Lot Size 10,018 Sqft
Property Description
$1.05M property is on sale for only $886,900! Fantastic investment opportunity in the heart of Phillipsburg, NJ! This legally recognized 5-unit property offers exceptional value with an impressive 8% cap rate. Situated on a spacious lot on S Main St, the property consists of two buildings on one tax record: one with 3 units and the other with 2 units. All units are currently 100% occupied, with some tenants on Section 8, providing steady rental income.One standout feature is the recently renovated unit, which boasts 4 legal bedrooms and a finished attic that can be converted into a 5th bedroom, further enhancing the property's value. This building includes (1) 1bed, (2) 2bed, (1) 3 bed, (1) 4bed units. Tenants cover their own utilities, including water, making for a hassle-free investment. Monthly gross income is $7825, annual gross income is $93,900. Annual property taxes are $13,200 and property insurance is $5500. The property benefits from affordable real estate taxes and has recently been appraised at $1.05M as-is. With potential to increase rents to match market rates, this cash-flowing asset is an ideal opportunity for savvy real estate investors. Don't miss out on this unique chance to own a multifamily gem in a growing area!
Location
State NJ
County Warren
Rooms
Basement Unfinished
Interior
Heating Electric, Gas-Natural
Cooling Wall A/C Unit(s)
Heat Source Electric, Gas-Natural
Exterior
Exterior Feature Aluminum Siding
Roof Type Asphalt Shingle
Building
Sewer Public Sewer
Water Public Water
Architectural Style See Remarks
Others
Senior Community No
Information deemed reliable but not guaranteed. Copyright © 2024 Garden State Multiple Listing Service, L.L.C. All rights reserved.
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