350 - 360 CONCORD AVE Ewing, NJ 08618
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Detached
Listing Status Active
Purchase Type For Sale
Square Footage 13,440 sqft
Price per Sqft $163
MLS Listing ID NJME2060682
Style Colonial
Abv Grd Liv Area 13,440
Year Built 1938
Annual Tax Amount $38,506
Tax Year 2023
Property Sub-Type Detached
Source BRIGHT
Property Description
Property Highlights:
Unit Mix: Each building offers 2 × 2BR/1BA and 2 × 1BR/1BA units, for a total of 10 two-bedroom and 10 one-bedroom units.
Configuration: All five buildings are detached and situated on a single street, maximizing curb appeal and operational efficiency.
Current Income: The portfolio generates a gross scheduled rent of $270,264 and a collected rent of $251,000 annually, with a Net Operating Income (NOI) of approximately $169,234 after projected renovations.
Cap Rate: At the $2,200,000 asking price and projected NOI, the cap rate is approximately 7.7% for a cash purchaser.
Value-Add Upside:
Unlock the property's full potential by investing approximately $300,000 in targeted renovations:
Interior Upgrades: Install vinyl plank flooring, granite countertops, stainless steel appliances, fresh paint, new vanities, and updated flooring and tile work in each bathroom.
Building Enhancements: Add a chain-link fence for secure basement storage for each building, washer and dryer installations in the basement, and exterior security cameras for peace of mind.
Amenities: Construct a vestibule outside each building for secure package delivery, and pave the driveway to create two new parking spaces in the front and two in the rear of each building.
Section 8 Potential: These improvements will significantly increase the property's appeal and rental income, especially for Section 8 tenants, where the enhanced amenities and finishes are expected to command higher allowable rents.
Seller Financing Available:
Flexible seller financing terms are offered to qualified buyers:
Down Payment: $1,200,000 cash
Seller Financing: $1,000,000 at a competitive 3% interest rate, amortized over 30 years, with a 5-year balloon period
Investment Summary:
Asking Price: $2,200,000
Gross Scheduled Rent: $270,264
Net Operating Income (Pro Forma): $169,234 (post-renovation)
Cap Rate: 7.7% (cash purchase, post-renovation)
Seller Financing: $1,000,000 at 3% interest, 5-year balloon
This is a unique opportunity to acquire a well-located, high-upside multifamily portfolio with significant value-add potential and attractive seller financing. Contact us today for a full financial package and to schedule a tour.
Location
State NJ
County Mercer
Area Ewing Twp (21102)
Zoning R-2
Interior
Hot Water Electric
Heating Forced Air
Cooling Window Unit(s)
Flooring Hardwood, Engineered Wood
Heat Source Natural Gas
Exterior
Water Access N
Roof Type Shingle
Accessibility None
Garage N
Building
Foundation Block
Sewer Public Sewer
Water Public
Architectural Style Colonial
Additional Building Above Grade
Structure Type Dry Wall
New Construction N
Schools
School District Ewing Township
Others
Tax ID 02-00309-00023
Ownership Fee Simple
SqFt Source Estimated
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Cash,Conventional
Special Listing Condition Standard
