11 Apartments + Lots - High Upside
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11 Apartments + Lots - High Upside
3 Properties Offered at $1,650,000 in Newton, NJ
Investment Highlights
- Value Add - Can Build Additional Residential Units on Both Properties
- Well Travelled Corridor
- All New Windows in 2024
- Rents are Under Market and Apartment Inventory is Low
- Train Station that will Connect to NYC and NJ Transit Hubs Being Built Nearby
- New Roof in 2023
Executive Summary
This offering contains three parcels, one with an existing building and two land parcels with favorable zoning.
Ideal for anyone looking for solid cash flow with a clear path to a significant value add scenario.
There are 8 existing apartments plus 3 more residential units on the ground floor that can be built (town green lighted architectural plans)
There is ALSO an additional .344 acre lot, zoned T-5 meaning you can utilize it for a number of commercial purposes or build additional apartments on this land (amount will vary but preliminary talks with the town puts the estimate at 12+ additional residential units. Total apartments could be 23+ units total
The current residential mix is Four 2 BR and Four 1 BR. New roof in 2023 and new windows in 2024. The rents on the existing units are all under market
-----
In total there is close to .6 acres on one of the most traveled corridors in the county with large stores such as Starbucks, Chipotle, Home Depot, Staples, Wal Mart, Mc Donalds and many more less than a mile away.
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Newton is the county seat of Sussex County, home to large companies (such as Thor Labs), accomplished hospitals (Newton Memorial/Atlantic Health Care) and Schools such as Sussex County Community College. As a result, apartments are in constant demand in Newton, most stay less than 30 days on market.
Tremendous upside exists with below market rents, room to add additional units and land to build more.
Please contact Marc for detailed income and expense info. Income and Cap Rate on this listing is based on current rent roll + addition of 3 ground floor apartments.
Ideal for anyone looking for solid cash flow with a clear path to a significant value add scenario.
There are 8 existing apartments plus 3 more residential units on the ground floor that can be built (town green lighted architectural plans)
There is ALSO an additional .344 acre lot, zoned T-5 meaning you can utilize it for a number of commercial purposes or build additional apartments on this land (amount will vary but preliminary talks with the town puts the estimate at 12+ additional residential units. Total apartments could be 23+ units total
The current residential mix is Four 2 BR and Four 1 BR. New roof in 2023 and new windows in 2024. The rents on the existing units are all under market
-----
In total there is close to .6 acres on one of the most traveled corridors in the county with large stores such as Starbucks, Chipotle, Home Depot, Staples, Wal Mart, Mc Donalds and many more less than a mile away.
-----
Newton is the county seat of Sussex County, home to large companies (such as Thor Labs), accomplished hospitals (Newton Memorial/Atlantic Health Care) and Schools such as Sussex County Community College. As a result, apartments are in constant demand in Newton, most stay less than 30 days on market.
Tremendous upside exists with below market rents, room to add additional units and land to build more.
Please contact Marc for detailed income and expense info. Income and Cap Rate on this listing is based on current rent roll + addition of 3 ground floor apartments.
Property Facts
| Price | $1,650,000 | Status | Active |
| Price / SF | $241.76 / SF | Number of Properties | 3 |
| Sale Conditions | Redevelopment Project | Individually For Sale | 0 |
| Cap Rate | 9.27% | Total Building Size | 6,825 SF |
| Sale Type | Investment | Total Land Area | 1.37 AC |
| Price | $1,650,000 |
| Price / SF | $241.76 / SF |
| Sale Conditions | Redevelopment Project |
| Cap Rate | 9.27% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 3 |
| Individually For Sale | 0 |
| Total Building Size | 6,825 SF |
| Total Land Area | 1.37 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 62-64 Water St, Newton, NJ 07860 | Multifamily | 6,825 SF | 1880 | - |
| 45-47 Water st, Newton, NJ 07860 | Land | 0.35 AC | - | - |
| 8 Hamilton st, Newton, NJ 07860 | Land | 0.86 AC | - | - |
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11 Apartments + Lots - High Upside
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