59 Railroad Ave - Apartments FOR SALE


Washington, NJ 07882
$1,319,000 USD
508-505-0527
59 Railroad Ave, Washington, NJ for Sale
$1,319,000 USD
Apartments - FOR SALE
1/7
null | 7.05% Cap Rate

59 Railroad Ave
Washington, NJ 07882


HIGHLIGHTS

  • Six-unit multifamily asset with additional garage and storage income.
  • More than $132,000 in annual gross income from diversified revenue streams.
  • Approximately $11,800 of near-term income upside from below-market rents.
  • Ownership invested more than $225,000 in capital improvements since 2023.
  • Renovation program completed in four units with two units remaining.
  • Walkable downtown location with access to Routes 57, 31, and I-78.

OVERVIEW

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 7.1% cap rate on current financials. The property generates more than $132,000 in annual gross income from 6 apartments, 3 garages and 5 storage units in a detached building. Current apartment and ancillary rents remain below market, providing approximately $11,800 of additional annual income before any further unit renovations. Additional upside remains through completion of a renovation program already successfully executed within the same property. Current ownership has invested more than $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 (flooring and paint) providing buyers with a clearly defined renovation strategy that has demonstrated its ability to achieve higher rents on site. Environmental items have been proactively addressed, rigorous screening has resulted in a high-quality, stable tenant base, and established property management software, systems, and operating procedures support an efficient transition for new ownership. Located approximately 60 minutes from NYC, the property offers convenient access to Routes 57, 31, and I-78, and is within walking distance of downtown.

FOR SALE DETAILS

PRICE

$1,319,000 USD

PRICE/SF

$257 USD /SF

# OF UNITS

6

PRICE/UNIT

$219,833

CAP RATE

7.05%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1920

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.24 AC

LAND SF

10,454 SF

ZONING

R3

APN/PARCEL ID

21-00079-0000-00019

ASK ABOUT THIS PROPERTY

Mark Gutierrez59 Railroad Ave LLCMore Info
508-505-0527

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Mark Gutierrez59 Railroad Ave LLCMore Info
508-505-0527

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