68 Mill St - Apartments FOR SALE


Belleville, NJ 07109
$899,000 USD
347-552-1207
68 Mill St, Belleville, NJ for Sale
$899,000 USD
Apartments - FOR SALE
1/27
null | 7.41% Cap Rate

68 Mill St
Belleville, NJ 07109


HIGHLIGHTS

  • strong in-place cash flow
  • 5 units renovated and rented at market with reliable cash tenants
  • Unit 2 delivered vacant at closing – immediate value-add potential
  • Brand new $25,000 heating system installed

OVERVIEW

Rare value-add opportunity in a stabilized 6-unit multifamily property with five fully renovated apartments already achieving strong market rents. Unit 2, currently unrenovated, will be delivered vacant at closing—allowing a buyer to immediately renovate and push rents, significantly increasing NOI. The building is fully occupied with cash-paying tenants and low turnover, making it a solid cash-flowing asset from day one. The property features a brand new $25,000 heating system, minimizing future CapEx. There's significant untapped upside: increase rents by 4% annually, install a coin-operated laundry in the basement for added income, and build out basement storage cubicles to rent to tenants. With below-market expenses and high-efficiency mechanicals in place, this asset presents an ideal opportunity for investors seeking both current yield and long-term appreciation.

FOR SALE DETAILS

PRICE

$899,000 USD

PRICE/SF

$196 USD /SF

# OF UNITS

6

PRICE/UNIT

$149,833

CAP RATE

7.41%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1917

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.05 AC

LAND SF

2,178 SF

ZONING

B-G

APN/PARCEL ID

01-08502-0000-00021

ASK ABOUT THIS PROPERTY

Michael RaiaOzana Realty GroupMore Info
347-552-1207

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Michael RaiaOzana Realty GroupMore Info
347-552-1207

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