151 Fairview Ave Somerville, NJ 08876-3134
This exceptional eight-unit apartment building presents a lucrative investment opportunity in the desirable Somerville, NJ, downtown area. The property, located at 151 Fairview Ave, encompasses a substantial 3,080 square feet on a 0.23-acre lot. The building comprises six studio apartments, each featuring a kitchen and full bathroom, along with one one-bedroom unit and one two-bedroom unit. Seven of the eight units have undergone recent renovations, ensuring a high standard of living for tenants. Currently boasting 100% occupancy, this property offers immediate and consistent cash flow. The building's prime location provides easy access to Somerville's vibrant downtown, offering tenants convenient access to shops, restaurants, and other amenities. Potential investors should note that some air conditioning units are tenant-owned. Serious inquiries only
102-95 Applicability. § 102-96 Establishment of Zoning Districts. § 102-97 Zoning Map. § 102-98 Zoning Schedules. § 102-99 R-1 Single Family Residence District. § 102-100 R-2 Single Family Residence District. § 102-101 R-3 Single Family Residence District. § 102-102 G Garden Apartment District. § 102-103 SC Senior Citizen Housing District. § 102-104 PO-R Pro…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2022Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
R-3 · Somerville, NJ102-95 Applicability. § 102-96 Establishment of Zoning Districts. § 102-97 Zoning Map. § 102-98 Zoning Schedules. § 102-99 R-1 Single Family Residence District. § 102-100 R-2 Single Family Residence District. § 102-101 R-3 Single Family Residence District. § 102-102 G Garden Apartment District. § 102-103 SC Senior Citizen Housing District. § 102-104 PO-R Professional Office-Residential District. § 102-105 B-1 Central Business District. §
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.