75 Franklin Ave Nutley, NJ 07110-3280

Property Details for 75 Franklin Ave

Year built

1920

Lot size

0.40 lot acres

Zone code

B-3

Property type

Commercial real estate

APN

16 09000-0000-00058

APU

1609000000000058

Description

This exceptional mixed-use property at 75 Franklin Avenue in Nutley, NJ, presents a compelling investment opportunity. The building encompasses a substantial 17,000 square feet and comprises two distinct sections: a commercial space and a four-unit residential building. The commercial area, constructed in 1920, features three-zone heating and a mini-split system, offering efficient climate control. The residential portion, built in 1960, includes four attractive two-bedroom units. Three of these units are equipped with in-unit washer/dryer hookups, enhancing their appeal to tenants. Currently, all residential units are occupied under existing leases, providing immediate rental income. A gym occupies a portion of the commercial space and operates under a long-term lease, contributing to the property's consistent cash flow. The gym features plywood flooring. Please note that any previously calculated capitalization rate was based on a different purchase price and should not be considered as current market value. The property is located in a flood zone, a factor that should be considered in any due diligence. This property offers a unique blend of commercial and residential income streams, making it an attractive investment for discerning buyers seeking a stable and potentially high-yielding asset in a desirable New Jersey location.