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.