59 Willet St Bloomfield, NJ 07003

Property Details for 59 Willet St

Year built

2016

Lot size

28,283.00 lot acres

Property type

Commercial real estate

Description

This exceptional Class A, 18-unit apartment building in Bloomfield, New Jersey, presents a compelling investment opportunity. Built in 2016, the property boasts a 100% occupancy rate and a strong net operating income (NOI) of $453,227, yielding a 6.47% cap rate on an asking price of $7,000,000. The building sits on a substantial 2.8283-acre lot and offers a mix of unit sizes and layouts. Four first-floor units feature attached garages, while seven second-floor units offer 1,100 square feet of living space with two bedrooms and two full bathrooms. An additional seven second-floor units provide even more spacious 1,500-square-foot lofts, each with two bedrooms and two full bathrooms. All units include hardwood floors, in-unit washer/dryers, stainless steel appliances (including dishwashers and microwaves), central air conditioning, and either a private patio (first floor) or balcony (second and third floors). The property also includes 38 parking spaces (more than two per unit), presenting a potential value-add opportunity for increased rental income. Its convenient location near major highways, Downtown Montclair, and train service enhances its appeal to renters. The gross annual rental income is $592,344, and the price per unit is $388,888.89. This property offers a rare combination of luxury amenities, high occupancy, and strong financial performance in a desirable New Jersey location.