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Newark,NJ 07104
Key Details
Property Type Commercial
Sub Type Res/Com Mixed
Listing Status Active
Purchase Type For Sale
MLS Listing ID 24036221
Style Res/Com Mixed
Annual Tax Amount $9,586
Property Description
Discover a highly desirable mixed-use property just five blocks from the heart of downtown, offering excellent rental income at 7.25% CAP Rate and long-term leases. This property is ideal for investors looking for a steady revenue stream with growth potential! Commercial Space (1st Floor): Spacious commercial area with a basement, currently leased for $2,570 per month with a secure 10-year lease and a 3% annual rent increase. This setup ensures reliable income with a growth trajectory for years to come. Residential Units: 2nd Floor: Fully renovated 4-bedroom, 1-bathroom apartment with a lease in place. Enjoy $2,550 in monthly rent for this renovated unit, offering a comfortable living space for tenants. 3rd Floor: 3 bedrooms, 1-bathroom unit renting at $2,000 per month. Additional Highlights: No on-site parking, but conveniently located just a short five-block walk to downtown.
Location
State NJ
County Essex
Area Newark
Exterior
Utilities Available Munincipal Water
Roof Type Asphalt