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115 Spring St
Newton, NJ 07860
Apartments - Gut Reno Retro Fit Value Add Op · Multifamily Property For Sale
·
9 Units
Investment Highlights
- Vacant Brick Building - Conversion Ready
- Thor Labs, Newton Memorial Hospital and Sussex County Community College Nearby
- Lack of Inventory for Apartment Renters
- Architect Plans Including MEP Come with Sale, Ready to Submit for Approvals
- Train Coming to Andover (One Town Over) to Connect to NYC and NJ Transit Trains
- Healthy Rents in the Area with No Rent Control
Executive Summary
Iconic 9000 SF Newton Mural Building is available to convert to apartments with retail or offices below.
Current plans reflect 7 Apartments and 2 Retail/Offices. Plans are ready to be able to submit
for approvals. Plans are included in the sale. All new Anderson windows for building ALSO come with sale.
Newton is development friendly, has a constantly increasing positive demographic and a real need for new apartments.
Major employer, hospital and community college all nearby. A wonderful opportunity for any developers or contractors looking
for a Multi Family project with upside in a thriving and upward trajectory town. Municipal Parking is behind the building, town will lease spots
to property owner to enable apartments to be built. Delivered Vacant.
Please contact Marc for more information.
Current plans reflect 7 Apartments and 2 Retail/Offices. Plans are ready to be able to submit
for approvals. Plans are included in the sale. All new Anderson windows for building ALSO come with sale.
Newton is development friendly, has a constantly increasing positive demographic and a real need for new apartments.
Major employer, hospital and community college all nearby. A wonderful opportunity for any developers or contractors looking
for a Multi Family project with upside in a thriving and upward trajectory town. Municipal Parking is behind the building, town will lease spots
to property owner to enable apartments to be built. Delivered Vacant.
Please contact Marc for more information.
Property Facts Under Contract
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | - | - |
Property Taxes
| Parcel Number | 15-00008-03-00008 | Improvements Assessment | $334,600 |
| Land Assessment | $88,300 | Total Assessment | $422,900 |
Property Taxes
Parcel Number
15-00008-03-00008
Land Assessment
$88,300
Improvements Assessment
$334,600
Total Assessment
$422,900
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