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 7.27% cap rate on current financials. Since listing in August, storage lease-up and lease renewals have lifted NOI from about $93,000 to $95,900 (7.05% to 7.27% cap rate at the same price, despite higher expenses) at 100% occupancy. The property generates more than $135,000 in annual gross income from 6 apartments, 3 garages and 5 storage units in a detached building, all leased. Current apartment and ancillary rents remain below market, providing approximately $8,880 of additional annual income before any further unit renovations. Additional upside remains through completion of a renovation program already executed within the same property and 7 new storage units in unused basement space. Ownership has invested over $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, giving buyers a clearly defined renovation strategy proven by higher achieved rents on site. Environmental items have been proactively addressed, rigorous screening has produced a stable tenant base, and established management systems support an efficient transition. Located about 60 minutes from NYC with convenient access to Routes 57, 31 and I-78, 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: 76

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