529–533 Route 52 is a fully occupied, 23-unit mixed-use property consisting of three buildings on approximately 4.12 acres.
529 is a standalone office building. 531 includes six residential units and six commercial units, while 533 includes five residential units over five commercial units. The property totals approximately 32,437 square feet and includes roughly 60 on-site parking spaces.
Current gross annual income is just under $560,000, with an in-place NOI of approximately $380,000. The property benefits from a stable mix of residential, retail, office, and service tenants, including several long-term occupants who intend to remain at the property.
The current income is strong, but there are still clear opportunities to increase value. Several residential units remain below market, creating room for rent growth through renewals and natural turnover. There is also a potential pathway to convert certain units in the larger building into two-bedroom apartments, subject to municipal approval. Additional upside may be available through commercial rent adjustments, improved expense recoveries, and the use of available land for a future ground lease or telecommunications lease.
The roofs and parking lot have been fully renovated, reducing near-term capital needs and allowing a new owner to focus on operations and income growth. Pro forma NOI is projected at approximately $448,000.
Seller financing may be available for qualified buyers, subject to mutually acceptable terms and a structure that keeps the seller in a first-priority secured position.