60-62 Mill St - Apartments FOR SALE


Newton, NJ 07860
$1,650,000 USD
646-408-8024
60-62 Mill St, Newton, NJ for Sale
$1,650,000 USD
Apartments - FOR SALE
1/49
null | 7.22% Cap Rate

60-62 Mill St
Newton, NJ 07860


HIGHLIGHTS

  • New Roofs on Both Buildings
  • Upside in Rents - No Rent Control in Newton
  • Many Units Updated but Still Room to Make Upgrades and Increase Rents - An Easy Lift
  • Near Sussex County Community College, Newton Memorial Hospital and many Large Retailers
  • Large Private Parking Area

OVERVIEW

Two Multi Family buildings on two lots next to each other and being sold together. 7 Apartments in total (One 3BR/2 BA, Three 2BR/1BA and Three 1BR/1BA) plus 4 Garages. Located on Mill St these Apartments are only a 5 or 6 minute walk to downtown Spring st. Many of the units have been updated with new kitchens and bathrooms, while a couple of the units could benefit with updating and in turn being able to increase rents. Plenty of parking for tenants. The 3 BR apartment is very large and could potentially be converted into either a 4 BR or Two 2 BR units (there are separate entrances and two bathrooms). Please contact broker for income and expenses.

FOR SALE DETAILS

PRICE

$1,650,000 USD

PRICE/SF

$257 USD /SF

# OF UNITS

7

PRICE/UNIT

$235,714

CAP RATE

7.22%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1925

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.37 AC

LAND SF

16,308 SF

ZONING

T-4, 2

APN/PARCEL ID

15-00005-04-00008,15-00005-04-00009

ASK ABOUT THIS PROPERTY

Marc WeitzFairclough RealtorsMore Info
646-408-8024

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

Marc WeitzFairclough RealtorsMore Info
646-408-8024

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