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Clinton and Bowlby 288 W Clinton St 12 Unit Apartment Building $2,960,000 ($246,667/Unit) 7.02% Cap Rate Dover, NJ 07801
Investment Highlights
- Twelve-unit package across three contiguous buildings, including 288 W Clinton Street.
- Opportunity Zone designation offers favorable tax incentive potential to qualified investors.
- Each apartment features separately metered utilities, reducing operational complexity.
- Convenient location near Routes 15, 46, and Interstate 80 with access to NJ Transit rail service.
Executive Summary
Twelve regularly updated and well-maintained apartments across 3 contiguous buildings, all with completely separated utilities including water/sewer. Very little landlord expense. Two side by side 3 unit buildings (5 Bowlby and 7 Bowlby) and a Third 6 unit building (288 W. Clinton) all of whose rear yards touch each other making property management convenient. A mix of Seven 2 BR 1.5 BA and Five 1 BR/1 BA units. Heat is hot water baseboard paid by tenants and there is plenty of parking throughout. This strong cash flowing and easy to manage investment would make a wonderful addition to any portfolio. Please contact broker for detailed Income and Expenses.
Property Facts
| Price | $2,960,000 | Building Class | C |
| Price Per Unit | $246,667 | Lot Size | 0.61 AC |
| Sale Type | Investment | Building Size | 8,685 SF |
| Cap Rate | 7.02% | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1920 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | IND, 4C - Apartments | ||
| Price | $2,960,000 |
| Price Per Unit | $246,667 |
| Sale Type | Investment |
| Cap Rate | 7.02% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.61 AC |
| Building Size | 8,685 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1920 |
| Opportunity Zone |
Yes |
| Zoning | IND, 4C - Apartments |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | - |
| 2+1.5 | 6 | - | - |
| 2+2 | 2 | - | - |
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Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
20/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 09-00810-0000-00002 | Improvements Assessment | $354,900 |
| Land Assessment | $141,900 | Total Assessment | $496,800 |
Property Taxes
Parcel Number
09-00810-0000-00002
Land Assessment
$141,900
Improvements Assessment
$354,900
Total Assessment
$496,800
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Clinton and Bowlby | 288 W Clinton St