774 S Main St Active Save Request In-Person Tour Request Virtual Tour
Phillipsburg Town,NJ 08865
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 3922112
Style See Remarks
Bedrooms 12
Full Baths 5
Half Baths 1
Annual Tax Amount $13,200
Tax Year 2023
Lot Size 10,018 Sqft
Property 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!
Location
State NJ
County Warren
Interior
Heating Electric, Gas-Natural
Cooling Wall A/C Unit(s)
Exterior
Exterior Feature Aluminum Siding
Roof Type Asphalt Shingle
Building
Sewer Public Sewer
Water Public Water