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82 Grove St 4 Unit Apartment Building Offered at $1,995,000 at a 6.86% Cap Rate Montclair, NJ 07042
Investment Highlights
- Near Bay Street Train Station (Mid-Town Direct)
- Functional Layouts
- Right Off Of Bloomfield Ave (Heart of Montclair)
Executive Summary
This beautifully renovated 4-family property in the heart of Montclair offers a perfect blend of functionality and modern luxury. Renovated from top to bottom, the exterior features brand new siding, a new roof, and all new windows, providing strong curb appeal and long-term peace of mind. Inside, each unit showcases updated walls and stunning oak wood-style flooring that creates a bright and vibrant atmosphere throughout. The layouts are both functional and thoughtfully designed, offering comfortable and practical living spaces for today's lifestyle. Every unit is equipped with an all-in-one washer and dryer, along with brand new appliances and new hot water heaters for added convenience. The property also features a brand new mini split HVAC system, ensuring efficient heating and cooling year-round. A welcoming front mail room adds to the building's appeal, while motion-sensor lighting in the foyer and common stairways enhances both safety and convenience. Set on a deep lot, the property includes parking for up to 10 cars shared among the units, as well as expansive storage units in the rear. Ideally located just off Bloomfield Avenue, residents are minutes from Montclair's vibrant downtown with shops, dining, and entertainment. Bay Street Station is less than a 10-minute walk, offering direct access to NYC. A rare opportunity to own a fully renovated, potential income-producing property in a prime location with strong rental appeal.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$174,000
|
$39.15
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$13,920
|
$3.13
|
| Effective Gross Income |
$160,080
|
$36.01
|
| Taxes |
$15,389
|
$3.46
|
| Operating Expenses |
$7,800
|
$1.75
|
| Total Expenses |
$23,189
|
$5.22
|
| Net Operating Income |
$136,891
|
$30.80
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $174,000 |
| Annual Per SF | $39.15 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $13,920 |
| Annual Per SF | $3.13 |
| Effective Gross Income | |
|---|---|
| Annual | $160,080 |
| Annual Per SF | $36.01 |
| Taxes | |
|---|---|
| Annual | $15,389 |
| Annual Per SF | $3.46 |
| Operating Expenses | |
|---|---|
| Annual | $7,800 |
| Annual Per SF | $1.75 |
| Total Expenses | |
|---|---|
| Annual | $23,189 |
| Annual Per SF | $5.22 |
| Net Operating Income | |
|---|---|
| Annual | $136,891 |
| Annual Per SF | $30.80 |
Property Facts
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Microwave
- Storage Space
- Washer/Dryer
- Eat-in Kitchen
- Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Basement
- Dining Room
- Family Room
- Freezer
- Handrails
- Island Kitchen
- Large Bedrooms
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 1 | - | - |
| 2+2 | 2 | - | - |
| 3+2 | 3 | - | - |
| 2+1 | 4 | - | - |
1 1
Very walkable
80/100
Moderately drivable
70/100
Good public transit
60/100
Moderately bikeable
60/100
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82 Grove St
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