8 Unit Deal *

Property Overview:

– Total Units: 8 (6 Three-Bedroom/1-Bath Apartments & 2 Retail Storefronts)

– Structure: 4 stories, 100% brick building

– Apartment Layout: Identical mirror-image layout with one tandem/railroad bedroom design per unit

Additional Income Potential:

– 3-Car Garage: Previously rented for $300/mo

– Billboard: Previously rented for $600/mo

– Cell Towers: Previously rented for $1,200/mo

Utilities:

– Gas Meters: 9

– Electrical Meters: 9

– Boiler: Weil McLain gas steam boiler (new 3 years ago)

Current Rental Income Analysis:

– LEFT SIDE RENTS:

  – Commercial Space: $1,450

  – 2nd Floor: $1,600

  – 3rd Floor: $1,500

  – 4th Floor: $1,600

– RIGHT SIDE RENTS:

  – Commercial Space: $2,680

  – 2nd Floor: $1,450

  – 3rd Floor: $1,450

  – 4th Floor: $1,480

Total Current Income: $159,720/year

Market Rental Rates Estimate:

– LEFT SIDE:

  – Commercial Space: $3,000

  – 2nd Floor: $1,900

  – 3rd Floor: $1,900

  – 4th Floor: $1,900

– RIGHT SIDE:

  – Commercial Space: $3,000

  – 2nd Floor: $1,900

  – 3rd Floor: $1,900

  – 4th Floor: $1,900

Total Market Income Potential: $234,000/year

Annual Operating Expenses:

– Insurance: $8,700

– PSE&G (Common Electric): $3,000

– PSE&G (Gas Boiler): $8,400

– Taxes: $20,952

– Water/Sewer: $5,400

Total Operating Expenses: $46,452/year

Current Annual Net Income: $113,268 

Updated Annual Net Income After Market Rents: $187,548

This property is a cash flow powerhouse, featuring substantial income sources from both residential units and commercial spaces, plus additional revenue streams. The potential for improvement and market rental rate increases make this an outstanding investment opportunity.