160 Main St - Apartments FOR SALE


Hackettstown, NJ 07840
$900,000 USD
646-408-8024
160 Main St, Hackettstown, NJ for Sale
$900,000 USD
Apartments - FOR SALE
1/27
null | Request Cap Rate

160 Main St
Hackettstown, NJ 07840


HIGHLIGHTS

  • This fully rented, mixed-use retail and residential property provides an income producing investment with additional growth potential.
  • Prime location places the property within walking distance of Downtown and the train station, connecting to NJ Transit lines and New York City.
  • Currently, the property rents below the market average, providing the room to raise rents, with no rent control in Hackettstown.
  • Additionally, there is the upside to converting the property into 6-8 smaller apartments to grow the number of units and increase revenue.
  • Building offers huge residential units with high ceilings and a unit mix that includes three 1BR and one 2BR apartments.
  • Public water and public sewer are paid by the landlord, with the tenant covering all other utilities.

OVERVIEW

Providing a fully rented, mixed-use 8400-square-foot building in the heart of Hackettstown, 160 Main Street is ideal for any investor looking for a value-add opportunity in a thriving residential market. Originally built in 1900, this huge brick building boasts high ceilings and tremendous apartment rental upside. The property currently offers four very large apartments across two floors and one rented retail on the ground floor, with a hard-wired fire alarm system throughout. The unit mix includes (3) three-bedroom/one-bathroom apartments and (1) two-bedroom/one-bathroom apartment. Currently, the landlord pays for water and sewer, and the tenant pays for all other utilities. The current rents are significantly under market, providing significant upside to rehab the existing apartments and improve rents or convert the property into 6-8 smaller apartments in the future, lending optionality to a new owner. 160 Main Street is easily accessible, sitting a 0.5 mile walk to the train station that connects to NJ Transit Train/New York City. The property is ideally situated within walking distance from the train station and is central to Hackettstown's Main Street/Downtown area. Hackettstown is home to M&M Mars Corporation, Hackettstown Memorial Hospital, and Centenary University, providing a large pool of affluent potential residents and retail customers.

FOR SALE DETAILS

PRICE

$900,000 USD

PRICE/SF

$108 USD /SF

# OF UNITS

5

PRICE/UNIT

$180,000

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Mixed Use w/ High CAP Upside in Hackettstown

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1900

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.1 AC

LAND SF

4,356 SF

ZONING

TCC

APN/PARCEL ID

08-00075-0000-00003

ASK ABOUT THIS PROPERTY

Marc WeitzFairclough RealtorsMore Info
646-408-8024

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Marc WeitzFairclough RealtorsMore Info
646-408-8024

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.