1878-1880 Springfield Ave
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1878-1880 Springfield Ave
4 Unit Apartment Building Offered at $1,600,000 at a 6.88% Cap Rate in Maplewood, NJ 07040
Executive Summary
Fantastic opportunity to own a mixed-use building in Maplewood's highly sought-after commercial area is now available for purchase. Separately metered, this 6,000 sq ft, multi-tenant investment property comes 100% leased with 2 long-term storefront tenants with annual rental increases, 4 residential apartments and comes with 4 parking spots and a finished basement. Located on a busy, high visibility street - first level includes a well-known restaurant and a nail salon. Second level has 3 two-bedroom apartments and 1 studio apartment. Close in proximity to the Maplewood business district, charming Maplewood downtown, parks and Maplewood Country Club; just minutes of GSP and Rt 78, less than 10 miles away from Newark International Airport and within minutes from various public transportation options, this location is very commuter accessible as well as desirable. Additionally, this building comes with various upgrades and repairs completed within the last few years: new roof (2021), 3 newer hot water tanks (2021), updated bath and paint in Apt A (2021) new kitchen cabinets in Apt B (2022), entire building and basement repainted (2022), new security system/cameras (2022). Rare offerings like this don't come around too often in such prime locations, so take ownership on this one and reach out today!
Property Facts
| Price | $1,600,000 | Building Class | C |
| Price Per Unit | $400,000 | Lot Size | 0.11 AC |
| Sale Type | Investment | Building Size | 8,826 SF |
| Cap Rate | 6.88% | No. Stories | 2 |
| No. Units | 4 | Year Built/Renovated | 1927/2000 |
| Property Type | Multifamily | Parking Ratio | 0.67/1,000 SF |
| Property Subtype | Multi Family |
| Price | $1,600,000 |
| Price Per Unit | $400,000 |
| Sale Type | Investment |
| Cap Rate | 6.88% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Multi Family |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 8,826 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1927/2000 |
| Parking Ratio | 0.67/1,000 SF |
Walk Score ®
Very Walkable (88)
PROPERTY TAXES
| Parcel Number | 11-00028-03-00179 | Improvements Assessment | $840,000 |
| Land Assessment | $300,000 | Total Assessment | $1,140,000 |
PROPERTY TAXES
Parcel Number
11-00028-03-00179
Land Assessment
$300,000
Improvements Assessment
$840,000
Total Assessment
$1,140,000
zoning
| Zoning Code | PRB (PRB- Pedestrian Retail Business) |
| PRB (PRB- Pedestrian Retail Business) |
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1878-1880 Springfield Ave
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