Description
Are you looking for an investment to super-size your wallet? Look at this, a projected gross annual income of $103,500 and an est. net of $77,900, resulting in a 4.6% cap rate. This pristine multi-family gem on a corner lot in highly sought-after Upper Montclair features 3 impressive rental units with low fixed costs and strong net returns, making it an ideal opportunity for both investors and owner-occupants.Perfectly situated just blocks from the Watchung train station, with a direct line to NYC and easy access to Montclair schools. The 1st and 2nd floors exude charm with hardwood floors, fireplaces, French doors, and private porches. The 3rd floor unit is a fully town-compliant 1 bedroom rental showcasing a modern open layout with vaulted ceilings, skylights, hardwood floors and a sun-drenched living space. Additional highlights include separate utilities for each unit, two laundry rooms, five storage areas in a sparkling clean basement, and a bonus three-car garage with a total of six off-street parking spaces. The property has been extensively upgraded with a roof featuring 40-year Timberline shingles and plywood, a new driveway, thermal windows, updated siding and insulation, a new sewer line, and auto-feeding boilers. There's no oil tank or asbestos on the property. This is a rare, turn-key opportunity to own a well-maintained, income-producing property in one of Montclair's most desirable neighborhoods. Property is being sold as is.
50 Acre
7
