468 Springfield Avenue, Newark, New Jersey 07103

New Jersey, Newark, New Jersey 07103

$499,000  

Listing ID Number

19528

Property Description

The subject property is four residential apartments over a store. The store is on a long term lease through 2019. Residential tenants are all on 2 year leases expiring in 2010. The property is in very good condition. All units have been renovated by the current owner.

Overview

Building Type:Apartment Buildings, Commercial Buildings, Development/Conversion Sites, Mixed-Use Investment Buildings, Mixed-Use User Buildings
Location:The corner of Springfield Avenue and Holland Street
Lot Dimensions:25' x 100'
Lot Sq Ft:2,500
Buildable Sq. Ft:13,250
Stories:3
Residential Units:4
Commercial Units:1
Zoning:MUCR
FAR:5.3
estimated
Building Sq Ft:6,750
Building Dimensions:25' x 90'

Expenses

Real Estate Taxes:$7,477
Insurance:$3,600
Water/Sewer:$3,000
Repairs/Maintenance:$4,920
Total Annual Expenses:$18,997

Investment Information

Gross Monthly Income:$5,215
Gross Annual Income:$62,579
Less Total Expenses:$18,997
Net Operating Income:$43,582

Summary

Price Per Sq Ft:$74
Price Per Buildable Sq Ft:$38
Capitalization Rate:8.73%

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Geoffrey Bailey
First Vice President of Sales
(201) 426-2200 x 2211
gbailey@masseyknakal.com


Property Images

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Property Map


Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.