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$649,000
Est. payment /mo
4 Baths
UPDATED:
Key Details
Property Type Commercial
Sub Type Investment
Listing Status Active
Purchase Type For Sale
MLS Listing ID 260022269
Full Baths 3
Half Baths 2
Lot Dimensions 31.88X95
Property Sub-Type Investment
Property Description
A five-unit mixed-use building on Bloomfield Avenue in Newark: two street-level commercial spaces and three apartments, offered at $649,000 with two apartments currently collecting month-to-month rent. The three vacant spaces give an investor room to build income. In one projected scenario - the two commercial spaces leased at their advertised $1,600 asking rents and all three apartments at $1,450 a month - the building would gross $90,600 a year, a projected $62,834 of income after listed expenses and a 5% vacancy allowance, a 9.68% projected cap rate at the asking price. That scenario also assumes the two occupied apartments, now $1,000 and $1,100, reach $1,450 - a step that depends on the existing leases and any applicable restrictions, with no guaranteed route.
Location
State NJ
County Essex
Area Newark
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Listed by PROMINENT PROPERTIES SOTHEBY'S INTERNATIONAL REALTY
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