40 Washington Ave Nutley, NJ 07110

This exceptional investment opportunity presents a six-unit apartment building located at 40 Washington Ave, Nutley, NJ 07110. The property boasts three stories and includes six dedicated on-site parking spaces. Currently generating a Net Operating Income (NOI) of $61,083, resulting in a 5.31% cap rate, this value-add property offers significant upside potential. The asking price is $1,150,000, translating to $191,667 per unit. Nutley's Rent Leveling Board permits a 4% annual rent increase with vacancy decontrol, allowing for substantial rental growth. Current rents are below market value, presenting a clear path to increase profitability. The property benefits from low vacancy rates and is situated in a high-density area with strong household incomes. This is an extremely rare opportunity to acquire a multi-family property in a desirable Nutley location with significant potential for increased returns. The building is situated in Essex County, New Jersey.