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60-62 Mill St 7 Unit Apartment Building $1,650,000 ($235,714/Unit) 7.22% Cap Rate Newton, NJ 07860
Investment Highlights
- New Roofs on Both Buildings
- Many Units Updated but Still Room to Make Upgrades and Increase Rents - An Easy Lift
- Pulblic Water and Sewer
- Upside in Rents - No Rent Control in Newton
- Near Sussex County Community College, Newton Memorial Hospital and many Large Retailers
- Large Private Parking Area
Executive Summary
Two Multi Family buildings on two lots next to each other and being sold together.
7 Apartments in total (One 3BR/2 BA, Three 2BR/1BA and Three 1BR/1BA) plus 4 Garages.
Located on Mill St these Apartments are only a 5 or 6 minute walk to downtown Spring st.
Many of the units have been updated with new kitchens and bathrooms, while a couple of the units could benefit with updating and in turn being able to increase rents. Plenty of parking for tenants.
The 3 BR apartment is very large and could potentially be converted into either a 4 BR or Two 2 BR units (there are separate entrances and two bathrooms).
Please contact Marc for income and expenses.
7 Apartments in total (One 3BR/2 BA, Three 2BR/1BA and Three 1BR/1BA) plus 4 Garages.
Located on Mill St these Apartments are only a 5 or 6 minute walk to downtown Spring st.
Many of the units have been updated with new kitchens and bathrooms, while a couple of the units could benefit with updating and in turn being able to increase rents. Plenty of parking for tenants.
The 3 BR apartment is very large and could potentially be converted into either a 4 BR or Two 2 BR units (there are separate entrances and two bathrooms).
Please contact Marc for income and expenses.
Property Facts
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | - | - |
| 2+1 | 3 | - | - |
| 3+2 | 1 | - | - |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,056,900 | |
| Land Assessment | $132,100 | Total Assessment | $1,189,000 |
Property Taxes
Parcel Numbers
Land Assessment
$132,100
Improvements Assessment
$1,056,900
Total Assessment
$1,189,000
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60-62 Mill St
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