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Sparta, NJ Multifamily - Rare and 100% Leased 224 Glen Rd 5 Unit Apartment Building $1,185,000 ($237,000/Unit) 6.50% Cap Rate Sparta, NJ 07871
Investment Highlights
- Rarity: The first five-unit multifamily to hit the Sparta submarket in years; fully leased, minimal deferred maintenance.
- Market-proof demand: Sparta's school district ranking and Lake Mohawk lifestyle keep rental vacancy functionally at near-zero
- Turnkey: Positive cash flow on day of closing, with ample room to grow
- Income upside: Current rents below market — straightforward lease renewals move the cap rate significantly, without a dollar of renovation needed.
- Unit mix: Five distinct floor plans ranging from 1 - to 2 bedrooms across various sizes; Idyllic setting on a large, set-back parcel
Executive Summary
224 Glen Road: a rare opportunity to acquire a fully occupied 5-unit multifamily property in Sparta Township, one of Northern New Jersey's most desirable residential communities. Situated on 1.95 acres, the property consists of two 2-bedroom units and three 1-bedroom units totaling approximately 5,473 square feet. The building benefits from a diverse unit mix, stable tenancy, ample parking, and a well-maintained setting.
Located just minutes from Lake Mohawk, Sparta's downtown amenities, shopping, dining, and recreation, the property offers tenants a lifestyle advantage that is difficult to replicate. Sparta continues to benefit from strong housing demand, highly rated schools, affluent demographics, and a limited supply of rental housing. With virtually no comparable multifamily inventory entering the market, 224 Glen Road represents a compelling opportunity to own a well-positioned apartment asset in one of Sussex County's strongest rental markets.
Located just minutes from Lake Mohawk, Sparta's downtown amenities, shopping, dining, and recreation, the property offers tenants a lifestyle advantage that is difficult to replicate. Sparta continues to benefit from strong housing demand, highly rated schools, affluent demographics, and a limited supply of rental housing. With virtually no comparable multifamily inventory entering the market, 224 Glen Road represents a compelling opportunity to own a well-positioned apartment asset in one of Sussex County's strongest rental markets.
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Property Facts
| Price | $1,185,000 | Apartment Style | Low-Rise |
| Price Per Unit | $237,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.05 AC |
| Cap Rate | 6.50% | Building Size | 7,258 SF |
| No. Units | 5 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1890 |
| Zoning | R-2 | ||
| Price | $1,185,000 |
| Price Per Unit | $237,000 |
| Sale Type | Investment |
| Cap Rate | 6.50% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.05 AC |
| Building Size | 7,258 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1890 |
| Zoning | R-2 |
Amenities
Unit Amenities
- Microwave
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | - | 693 - 723 |
| 2+1 | 2 | - | 850 - 950 |
1 1
Somewhat walkable
20/100
Exceptionally drivable
100/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 18-35006-0000-00113 | Improvements Assessment | $216,700 |
| Land Assessment | $141,600 | Total Assessment | $358,300 |
Property Taxes
Parcel Number
18-35006-0000-00113
Land Assessment
$141,600
Improvements Assessment
$216,700
Total Assessment
$358,300
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Sparta, NJ Multifamily - Rare and 100% Leased | 224 Glen Rd
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