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Ewing
08618
08618
W75° 12' 53''
N40° 14' 42.5''
Contact Info
Timothy Crew
3028992
Property Description

Presenting a rare investment opportunity: five detached multifamily buildings, each located on the same street in Ewing, NJ. Each building features four units – two spacious 2-bedroom, 1-bath apartments and two comfortable 1-bedroom, 1-bath apartments – totaling 20 units across the portfolio. Property Highlights: Unit Mix: Each building offers 2 2BR/1BA and 2 1BR/1BA units, for a total of 10 two-bedroom and 10 one-bedroom units. Configuration: All five buildings are detached and situated on a single street, maximizing curb appeal and operational efficiency. Current Income: The portfolio generates a gross scheduled rent of 270,264 and a collected rent of 251,000 annually, with a Net Operating Income (NOI) of approximately 169,234 after projected renovations. Cap Rate: At the 2,200,000 asking price and projected NOI, the cap rate is approximately 7.7% for a cash purchaser. Value-Add Upside: Unlock the propertys full potential by investing approximately 300,000 in targeted renovations: Interior Upgrades: Install vinyl plank flooring, granite countertops, stainless steel appliances, fresh paint, new vanities, and updated flooring and tile work in each bathroom. Building Enhancements: Add a chain-link fence for secure basement storage for each building, washer and dryer installations in the basement, and exterior security cameras for peace of mind. Amenities: Construct a vestibule outside each building for secure package delivery, and pave the driveway to create two new parking spaces in the front and two in the rear of each building. Section 8 Potential: These improvements will significantly increase the propertys appeal and rental income, especially for Section 8 tenants, where the enhanced amenities and finishes are expected to command higher allowable rents. Seller Financing Available: Flexible seller financing terms are offered to qualified buyers: Down Payment: 1,200,000 cash Seller Financing: 1,000,000 at a competitive 3% interest rate, amortized over 30 years, with a 5-year balloon period Investment Summary: Asking Price: 2,200,000 Gross Scheduled Rent: 270,264 Net Operating Income (Pro Forma): 169,234 (post-renovation) Cap Rate: 7.7% (cash purchase, post-renovation) Seller Financing: 1,000,000 at 3% interest, 5-year balloon This is a unique opportunity to acquire a well-located, high-upside multifamily portfolio with significant value-add potential and attractive seller financing. Contact us today for a full financial package and to schedule a tour.

350 - 360 Concord Ave

Ewing, New Jersey 08618, United States

  • Bedrooms : 6
  • Lot Area: 0.57 Sqft
$2,200,000
Listing ID#155331
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Basic Details
Property Type : Residential
Listing Type : Contingent
Listing ID : 155331
Ref ID : 407531876
Price : $2,200,000
Bedrooms : 6
Lot Area : 0.57 Sqft
MLS : NJME2060682
Office ID : PA301-051
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Agent info
Timothy Crew
Fox & Roach, REALTORS
Fox & Roach, REALTORS
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