221 Spring St - Apartments FOR SALE


Newton, NJ 07860
$1,200,000 USD
646-408-8024
221 Spring St, Newton, NJ for Sale
$1,200,000 USD
Apartments - FOR SALE
1/41
null | Request Cap Rate

221 Spring St
Newton, NJ 07860


HIGHLIGHTS

  • Value Add Opportunity
  • Under Market Rents/No Rent Control in Newton
  • Train Coming to the Area that connects to NYC
  • Atlantic Healthcare System Hospital and Sussex Community College Nearby
  • Expansion of National Retailers and Shopping Centers Nearby Ensuring a Steady Stream of Renters

OVERVIEW

8 Units TOTAL 5 Residential (4 Apartments + 1 Freestanding 2BR House) + 1 Four Car Garage + 2 Commercial Spaces - All Fully Rented Unique 8 Unit mixed use property with 5 Residential Units and 2 Commercial spaces and 1 Four Car Garage. The main building houses 4 Apartments and 2 Retail spaces. The apartments are all m2m. The Garages are free standing and currently are not technically rented (tenants are allowed to use them). Hardwired Security and Fire Alarm. There is also a free standing 2 BR/2BA house on the property with private parking and a small yard area. All residential rents are under market. Tenants pay for all utilities and snow removal. Excellent property for any buyer who wants a value add opportunity. Rents are very under market. Newton continues to grow and rents and services continue to climb and be in high demand. Apartments rent quickly in Newton. Please contact Marc for Detailed Income and Expenses

FOR SALE DETAILS

PRICE

$1,200,000 USD

PRICE/SF

$157 USD /SF

# OF UNITS

8

PRICE/UNIT

$150,000

CAP RATE

Request Cap Rate

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

8 Unit Mixed Use with Upside in Newton

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1900

PARKING SPACES

15

LAND DETAILS

LAND ACRES

0.17 AC

LAND SF

7,405 SF

ZONING

T-6

APN/PARCEL ID

15-00008-05-00011

ASK ABOUT THIS PROPERTY

Marc WeitzFairclough RealtorsMore Info
646-408-8024

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Marc WeitzFairclough RealtorsMore Info
646-408-8024

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.