Property Details for 774 Main St

Year built

1900

Lot size

0.23 lot acres

Property size

4,575 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a five-unit multifamily property located at 774 S MAIN ST Unit 9999, Phillipsburg, NJ. The property, situated on a 0.23-acre lot, comprises two buildings on a single tax record: one with three units and the other with two. All five units are currently 100% occupied, generating a substantial monthly gross income of $7,825 ($93,900 annually). A significant portion of the rental income is secured through Section 8 tenants, ensuring consistent cash flow. One unit has recently undergone renovations, featuring four legal bedrooms and a finished attic with the potential for conversion into a fifth bedroom, adding considerable value. Tenants are responsible for all utilities, including water and sewage, minimizing landlord responsibilities. The property boasts an impressive 8% cap rate and has recently been appraised at $1,050,000. Annual property taxes are $13,200, and annual insurance premiums are $5,500. This property offers significant upside potential through future rent increases to market rates, making it an ideal investment for discerning buyers seeking a strong return in a growing area. The asking price is $869,900 for this 4,575 square foot multifamily property. Don't miss this chance to acquire a cash-flowing asset with proven rental income and significant appreciation potential.

Location Insight

City

Phillipsburg

County

Warren

State

New Jersey

Longitude

-75.1788

Latitude

40.6813