This property is a commercial 6 unit building located on N Broad St in Hillside NJ. The property has been well maintained over 30 years by same owner, with a combination of both long term and some newer tenants. All of the units have been updated and the property is a turn key investment netting approximately $62,000 in net income every year.
There are 2 apartments on each floor. The apartments are all identical in layout and feature 2 bedrooms, 1 bath, living/dining combo, eat in kitchen, and sun parlor. Apartments also feature newer kitchens and baths and hardwood floors throughout.
The super for the building lives on site and makes sure the common areas of the building as well as the exterior grounds are maintained. She is also responsible for garbage removal.
Utilities are separate and tenants pay their own electric and gas, except for hot water. There are 2 50 gal water heaters that supply hot water to the entire building and are connected to Owner’s common gas meter. Owner pays for common electric, hot and cold water, and sewer.
This property is a great investment because it is in excellent condition and requires no major capital improvements. The roof, boilers and furnaces are less than 10 years old. And the apartments have all been updated over the years.
This property is ideal for an investor seeking long-term passive income at roughly a 7-7.5% return. This property is especially suitable for a 1031 exchange. With low maintenance costs and no necessary capital improvements, this building would be a great addition to any portfolio
