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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.
| DAYS ON MARKET | 1 | LAST UPDATED | 11/13/2024 |
|---|---|---|---|
| YEAR BUILT | 1920 | COMMUNITY | Newark |
| COUNTY | Essex | STATUS | Active |
| PROPERTY TYPE(S) | Commercial |
| ADDITIONAL DETAILS | |
| AREA | Newark |
|---|---|
| BASEMENT | Full, Partially Finished, Yes |
| CONSTRUCTION | Vinyl Siding, Wood Siding |
| HEAT | Natural Gas |
| LOT | 1742 sq ft |
| SEWER | Public Sewer |
| STORIES | 3 |
| TAXES | 9586 |
| WATER | Public |
| ZONING | no |
MORTGAGE CALCULATOR
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Listed with CHRISTIE'S INT. REAL ESTATE GROUP
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