238-240 Spring St - Apartments FOR SALE


Newton, NJ 07860
$2,500,000 USD
646-408-8024
238-240 Spring St, Newton, NJ for Sale
$2,500,000 USD
Apartments - FOR SALE
1/31
null | 6.73% Cap Rate

238-240 Spring St
Newton, NJ 07860


HIGHLIGHTS

  • New Roof
  • Solid Retail Tenants with New Leases
  • Newly Painted
  • Upside in Apartment Rents
  • Fire Monitor and Remote Security System in Place

OVERVIEW

5 Apartments (Four 2 BR/1BA and One 3 BR/1BA) 5 Retail Units with 4 Tenants (One Tenant rents a double space) The apartments are mostly large 2 Bedroom units as well as a recently updated 3 BR unit. Recent roof replacement as well as exterior painting. Some of the 2 BR apartments could be updated and rents increased. Large Parking Lot. The three current retail tenants all have new two and three year leases, there is one recently vacated retail space that would provide immediate rent upside for a new owner. Commercial Tenants pay for all of their own utilities. Landlord pays water/sewer for residential tenants the rest of the utilities/heat are paid by tenants. Public water and sewer. Newton is the county seat of Sussex County and home to Newton Memorial Hospital, Thor Labs, Sussex County Community College and a number of big box retail stores ensuring a steady stream of potential renters. There is no rent control in Newton. Please contract Marc for Income and Expenses.

FOR SALE DETAILS

PRICE

$2,500,000 USD

PRICE/SF

$201 USD /SF

# OF UNITS

10

PRICE/UNIT

$250,000

CAP RATE

6.73%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

10 Unit Mixed Use Property with Upside

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront Retail/Residential, Office/Residential

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1972

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.5 AC

LAND SF

21,780 SF

ZONING

T-5

APN/PARCEL ID

15-00014-06-00005

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 Notice.