148 Welton St, New Brunswick, NJ 08901-2529
- Residential income homes
- 8,076 SF
- 0.10 lot acres
Current Use by Public Records
- Residential income homes
Property Details for 148 Welton St
- Year built
- 1912
- Construction
- TYPE NOT SPECIFIED
- Lot size
- 0.10 lot acres
- Zone code
- R-5A
- Property type
- Residential income homes
- Property subtype
- Small apartment buildings
- APN
- 13 00143-0000-00013- 01
- APU
- 130014300000001301
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Apr 6, 2020 | $1,560,000 | 148 Welton LLC | Vaid Real Estate LLC | Deed | $1.1M · Cpc Mortgage Company LLC |
| Jan 27, 2004 | $850,000 | Vaid Real Estate Ltd Liability | 148 Welton Street LLC | Grant Deed | $680k · New Millennium Bk |
| — | — | Vaid Real Estate LLC | — | Deed Of Trust · related | $320k · New Millennium Bank |
| — | — | Vaid Real Estate LLC | — | Deed Of Trust · related | $750k · Washington Mutual Bk |
Description
This exceptional investment opportunity presents a 14-unit apartment building located at 148 Welton Street in New Brunswick, New Jersey. The property, classified as a Class C multifamily building, boasts a compelling asking price of $2,325,000, translating to $166,071 per unit. The building comprises two stories and features a mix of one, two, and three-bedroom units. Each unit is equipped with individual heating and hot water furnaces, along with separate gas and electric meters. Currently generating a Net Operating Income (NOI) of $148,239, this property offers a strong 6.38% capitalization rate. A significant advantage lies in the current rental rates, which are approximately 50% below market value, presenting a substantial opportunity to increase revenue upon unit turnover, leveraging New Brunswick's vacancy decontrol regulations. One unit will be vacant at closing. The property's prime location within walking distance of New Brunswick's train station provides easy access to major cities like Newark and New York City, ensuring high demand for rental units. This proximity to the downtown area and its diverse employment opportunities further enhances the property's investment appeal. This is a rare chance to acquire a well-positioned multifamily asset with considerable upside potential.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $1,945,000
- ML approach
- $1,985,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $2,255,000
- 6.5%
- $2,080,000
- 7%
- $1,930,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,741,000
Market price range: $1.64M - $2.37M -
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $2,055,000 Current use
- OFFICE BUILDING
- $2,295,000 Change: +12% Conversion: Moderate
- INDUSTRIAL (GENERAL)
- $1,800,000 Change: -13% Conversion: Difficult
- COMMERCIAL (GENERAL)
- $1,695,000 Change: -18% Conversion: Moderate
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Location Insight
- Map
- Local Demand
- City
- New Brunswick
- County
- Middlesex
- State
- New Jersey
- Longitude
- -74.4478
- Latitude
- 40.4917
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
