Properties

Description

Value-add 6-unit multifamily with a clear, validated path to continue growing NOI while delivering the immediate cash flow and stability of a core-plus investment at a 7.1% cap rate on current financials. The property generates more than $132,000 in annual gross income from 6 apartments, 3 garages and 5 storage units in a detached building. Current apartment and ancillary rents remain below market, providing approximately $11,800 of additional annual income before any further unit renovations. Additional upside remains through completion of a renovation program already successfully executed within the same property. Current ownership has invested more than $225,000 in capital improvements since 2023, completing renovations across 4 units while addressing major capex items and deferred maintenance throughout. The remaining scope is limited to 2 partially updated units (flooring and paint) providing buyers with a clearly defined renovation strategy that has demonstrated its ability to achieve higher rents on site. Environmental items have been proactively addressed, rigorous screening has resulted in a high-quality, stable tenant base, and established property management software, systems, and operating procedures support an efficient transition for new ownership. Located approximately 60 minutes from NYC, the property offers convenient access to Routes 57, 31, and I-78, and is within walking distance of downtown.

Features

  • Heating System : 4+ Units, Baseboard - Electric, Radiators - Steam
  • Cooling System : Window A/c(s)
  • Basement : Full, Unfinished, Slab, French Drain
  • Roof Deck : Asphalt Shingle, Rubberized
  • Furnished : Tile, Wood, Carpeting, Vinyl-linoleum
  • Lot Description: Corner, Level Lot
  • Tax Assessed Valuation: 322900
  • Sewer: Public Sewer
  • Water: Public Water

Appliances

  • Utilities: Electric, Gas-Natural

Additional Info

  • Office Name: NJ REALTY SYSTEMS LLC.
  • Office MLS ID: 3298
  • Agent ID: 401849
  • Tax: 19984
  • Tax Year: 2025
  • Application Fee: $0
  • Zoning: R3

Commercial For Sale

For Sale
$1,319,000

59 Railroad Ave, Washington Boro, *

  • SQFT 50 Acre
  • Built Year 1925

Details

  • Property Type: Commercial
  • Listing Type: For Sale
  • Listing ID: 5449974
  • Price: $1,319,000
  • Bedrooms: 0
  • Bathrooms: 0
  • Half Bathrooms: 0
  • Square Footage: 0 Sqft
  • Year Built: 1925
  • Year Built Description: Approximate
  • Lot Area: 50 Acre
  • Status: Active
  • Days On Market: 0

Contact Agent

Sky Realty & Associates

Map

Address Map

  • Country US
  • County Warren
  • City Washington Boro
  • Zipcode *
  • Street: Railroad Ave
  • Street Number: 59
  • Street Direction: From intersection of Route 31 and Rt 57, head east
  • Floor Number: 0
  • Longitude: W75° 1' 47.9''
  • Latitude: N40° 45' 30.7''
  • Internet Display Address: No
Property