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Property profile & analytics
OFF-MARKET Estimated value $615,000
Residential income homes

151 Fairview Ave Somerville, NJ 08876-3134

3,080 SF 0.23 ac lot Built 1920
Entity Owned 5-yr Hold Free & Clear
Property ID
US59-2080139
Property summary
AI-generated overview

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

Property profile
Verified
Property type Residential income homes
Use group APARTMENT HOUSE (UNDER 5 UNITS)
Year built 1920
Construction FRAME
Total area 3,080 SF
Lot 0.23 ac (10,000 SF)
Zoning code R-3
APN 18 00049-0000-00010
UPID US59-2080139
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
$600k
CAP Approach CAP
$675k
Comparable Approach Comparable
$382k
Blend (final) Blend
$615k
Owner & transaction history
151 Fairview LLC · 5 yrs held
151 Fairview LLC
since 2021
Last sale
$625,000
2 recorded transactions
2021
$625,000
1989
$310,000
Zoning & alternative use
R-3 · Somerville, NJ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description

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…

Zone name Single Family Residence District
General category RESIDENTIAL
Zone area 71.92 ac
Top alternative use upside
Office building $590,000 +8.4%
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