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+19083975808
Realty of America
125 Bloomfield Ave, Newark City, NJ 07104
- $649,000
- List Price
- $649,000
- MLS#
- 4063450
- Year Built
- 9999
- Status
- ACTIVE
- County
- Essex
- City
- Newark City
- Acres
- 0.07
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.
Additional Information
- Taxes
- $16,835
- Cooling
- See Remarks, Window A/C(s)
- Exterior
- Brick/Block, Vinyl Siding
- Heating
- Baseboard - Hotwater, See Remarks
- Roof
- Flat
- Sewer
- Public Sewer
- Water
- Public Water
- Basement
- Yes
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Listing Courtesy Of PROMINENT PROPERTIES SIR, Contact: 732-874-3999
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