521-523 Washington St | Newark, NJ 07102
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- LoopNet Team
521-523 Washington St
Newark, NJ 07102
NNN-Leased MF Building | Strong VA Tenancy · Multifamily Property For Sale
·
21 Units
INVESTMENT HIGHLIGHTS
- Please contact Michael Sherman at (631)235-9741 or email at Michael@baselinerealestate.com for any questions in regard to the offering.
- NNN $279,937 per year Guaranteed lease with government backing for this 38-bed multifamily asset operating as a VA rehabilitation facility.
- Tenant is on their second five year term, the VA contract is for 5 years and tenant can only sign lease for duration of VA contract.
- An open house will be conducted April 1st, from 10:00AM to 12:00PM, please contact Michael Sherman to schedule.
- Strong investment with a NNN lease through October 2028 with annual in-place increases, allowing for high NOIs.
- Extremely high probability of renewal as it is very hard to get sites approved by the VA.
PROPERTY FACTS
| Sale Condition | Auction Sale | Lot Size | 0.09 AC |
| Type of Ownership | Fee Simple | Building Size | 4,838 SF |
| No. Units | 21 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1915 |
| Apartment Style | Low-Rise | Parcel Number | 14-00122-0000-00043 |
| Building Class | C |
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| No. Units | 21 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.09 AC |
| Building Size | 4,838 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1915 |
| Parcel Number | 14-00122-0000-00043 |
AMENITIES
UNIT AMENITIES
- Microwave
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
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