2219 Park Ave, South Plainfield, Nj

$850,000

Price

6.8%

Cap Rate

4,500 sqft

Building Size

Gallery
Street
Map
Overview
Cap Rate
6.8%
Building Size
4,500 sqft
Year Built
1970
Price Per Sqft
$188.89
Zoning
OBC1
Description

INVESTORS: This five-unit, mixed residential / commercial building has a cap-rate of 6.8%, bringing in a gross rent of $7,100 a month (although this can be increased if the residential units are updated and the back detached properties designation changes). The entire unit is currently rented to a barber shop for $1,775 and a waxing studio for $850. The upstairs apartments are both two bed, one baths rented for $1,525 and $1,425. In the rear is an additional detached property that is currently used as a residential unit but can be converted into a commercial space (medical is approved zoning) for $1,525. All units have their own boilers and pay for their own utilities. The properties have 21-23 parking spots and are right on the corner of a major junction, so have plenty of curbside visibility. Total gross rent is $85,200 and expenses are $26,836. Included in expenses are the following: Professionals Fees ( Fire Alarm Inspection & Monitoring)

Highlights
  • Days on Market: 38
  • Heating: Forced Air
Location
Gallery