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10 Unit Multi Family Property - Value Add 236 Spring St 10 Unit Apartment Building $1,750,000 ($175,000/Unit) 6.41% Cap Rate Newton, NJ 07860
Investment Highlights
- New Roofs on both Buildings
- Upside in Rents - No Rent Control in Newton
- Fire Monitor and Remote Security System in Place
- Newly Painted
- Upside in Separating Utilities
Executive Summary
The 10 Apartments are located along Spring St (Main corridor of Newton) and Madison St. Great central
and walkable location. Room to raise rents. Two buildings on one parcel with a total of 10 Apartments and a large parking lot in between.
A few of the apartments have been renovated but the majority can be updated and rents increased. Recent full roof replacements on both buildings. There is no rent control in Newton. City water and sewer.
Building One (236 Spring + 1 Madison) has 6 Residential Units
Two 2 BR, Two 1 BR and Two Studio Apartments
Building Two (5 Madison) has 4 Residential Units
Four 1 BR Apartments
Landlord Pays Water/Sewer for all units
Building 1 pays their own utilities except Water/Sewer.
Landlord currently pays electricity and gas heat for the 4 1 BR units in Building 2. Separating utilities and having tenants pay in Building 2 would
create immediate additional value.
Newton is the county seat of Sussex County and home to Newton Memorial Hospital, Thor Labs,
Sussex County Community College and a number national tenants ensuring a steady stream of potential renters.
Please contract Marc for Income and Expenses.
and walkable location. Room to raise rents. Two buildings on one parcel with a total of 10 Apartments and a large parking lot in between.
A few of the apartments have been renovated but the majority can be updated and rents increased. Recent full roof replacements on both buildings. There is no rent control in Newton. City water and sewer.
Building One (236 Spring + 1 Madison) has 6 Residential Units
Two 2 BR, Two 1 BR and Two Studio Apartments
Building Two (5 Madison) has 4 Residential Units
Four 1 BR Apartments
Landlord Pays Water/Sewer for all units
Building 1 pays their own utilities except Water/Sewer.
Landlord currently pays electricity and gas heat for the 4 1 BR units in Building 2. Separating utilities and having tenants pay in Building 2 would
create immediate additional value.
Newton is the county seat of Sussex County and home to Newton Memorial Hospital, Thor Labs,
Sussex County Community College and a number national tenants ensuring a steady stream of potential renters.
Please contract Marc for Income and Expenses.
Property Facts
| Price | $1,750,000 | Building Class | C |
| Price Per Unit | $175,000 | Lot Size | 0.77 AC |
| Sale Type | Investment | Building Size | 17,200 SF |
| Cap Rate | 6.41% | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1952 |
| Property Subtype | Apartment | Parking Ratio | 0.93/1,000 SF |
| Apartment Style | Mid-Rise | ||
| Zoning | T-5 | ||
| Price | $1,750,000 |
| Price Per Unit | $175,000 |
| Sale Type | Investment |
| Cap Rate | 6.41% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.77 AC |
| Building Size | 17,200 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1952 |
| Parking Ratio | 0.93/1,000 SF |
| Zoning | T-5 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 10+1 | 10 | - | - |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 15-00014-06-00004 | Improvements Assessment | $116,400 |
| Land Assessment | $115,000 | Total Assessment | $231,400 |
Property Taxes
Parcel Number
15-00014-06-00004
Land Assessment
$115,000
Improvements Assessment
$116,400
Total Assessment
$231,400
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10 Unit Multi Family Property - Value Add | 236 Spring St
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