Turnkey 6-Unit Multifamily
68 Mill Street, Belleville, NJ 07109
Six-unit multifamily property with value-add potential in Belleville, NJ.
Property size:
4,596 SFPrice / SF:
$195/SF- Added:
- Jun 5, 2025
- Days on Market:
- 364
- Last Refresh:
- Mar 16 at 9:09 am
Property Features for 68 Mill Street
General Information
- Standard status
- Active
- Size
- 4,596 SF
Building Details
- Year Built
- 1917
Listing agent KEVIN PEREYRA
Listing office OZANA REALTY GROUP
Listing date Jun 5, 2025
Source Corcoran
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of OZANA REALTY GROUP
HighLights
- Turnkey 6‑unit building with 5 fully renovated units.
- Strong in‑place income with cash‑paying tenants and market rents.
- New $25K heating system.
- Value‑add potential with future rent growth.
- Great location near transit, shopping, and highways.
- Separate utilities for each unit.
Overview
This is a 6-unit multifamily property located in Belleville, New Jersey. The property consists of four one-bedroom units and two two-bedroom units. Five of the units are fully renovated, and one unit will be delivered vacant at closing. The property features cash-paying tenants and market rents. A new $25,000 heating system has been installed. The property has separate utilities. There is value-add potential with future rent growth. The property is located near transit, shopping, and highways. The property has strong in-place income and long-term upside. The property size is 4,596 square feet.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $137.9k | $30.00 |
| − Vacancy | −$9.4k | −$2.04 |
| EGI | $128.5k | $27.96 |
| − OpEx | −$57.8k | −$12.58 |
| NOI | $70.7k | $15.38 |
4,596 SF · lease $30.00/SF/yr · vacancy 6.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$883.5K – $1.18M
NOI $70,677 @ 7.0% cap · market cap 7.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,008 @ 7.0% cap · market cap 9.33%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Belleville
- County
- Essex
- State
- New Jersey
- Longitude
- -74.1538
- Latitude
- 40.7816
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Six-unit multifamily property with value-add potential in Belleville, NJ.
Where is this apartment building located?
The property is located at 68 Mill Street Belleville, NJ.
What is the asking price?
The asking price for this property is $899,999.
What are key features of this property?
This property features: Turnkey 6‑unit building with 5 fully renovated units.; Strong in‑place income with cash‑paying tenants and market rents.; New $25K heating system.
