$886,900
BEDS
9
BATHS
4.0
SQFT
--
ACRES
0.23
MLS # 3922112, Listed by REAL
774 S Main St is a $886,900, 9 bedroom, 4.0 bath home on a 0.23 acre lot located in Phillipsburg Town, NJ.
Seller’s 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!
Features
INTERIOR
| Basement | Basement - Yes Unfinished |
| Appliances | Unit 1 Appliances/Equipment (Multifamily) - Carbon Monoxide Detector Unit 2 Appliances/Equipment (Multifamily) - Carbon Monoxide Detector Unit 3 Appliances/Equipment (Multifamily) - Carbon Monoxide Detector Unit 4 Appliances/Equipment (Multifamily) - Carbon Monoxide Detector |
| Interior Features | Unit 1 Room Description (Multifamily) - Bedrooms Unit 2 Room Description (Multifamily) - Attic Unit 3 Room Description (Multifamily) - Attic Unit 4 Room Description (Multifamily) - Attic |
| Cooling Types | Wall A/C Unit(s) |
| Heating Types | Radiant - Hot Water Fuel Type - Electric |
EXTERIOR
| Parking Types | Off-Street Parking |
| Exterior Features | Easement - No Unit 1 Owner/Tenant Pays (Multifamily) - Tenant Pays Electric Unit 2 Owner/Tenant Pays (Multifamily) - Tenant Pays Electric Unit 3 Owner/Tenant Pays (Multifamily) - Tenant Pays Electric Unit 4 Owner/Tenant Pays (Multifamily) - Tenant Pays Electric |
| Roof | Asphalt Shingle |
| Construction Types | Exterior Description - Aluminum Siding |
| Water Source | Public Water |
| Sewer | Public Sewer |
PROPERTY
| Property Type | MultFamily / Income |
| Style | See Remarks |
| Taxes | $13,200.00 |
| County | warren |
Garden State Multiple Listing Service, last updated 09/11/2024 at 03:40am MDT. Listing information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed by the MLS or this website.
