1755 Springfield Ave Maplewood, NJ 07040

This exceptional three-story mixed-use property in Maplewood, NJ, offers a compelling investment opportunity. Located at 1755 Springfield Avenue, this 4,500 square foot building boasts a strong 7.21% cap rate and a current NOI of $55,842. The property features one ground-floor retail space of approximately 1,450 square feet, currently occupied by a long-term nail salon tenant under a net lease with a remaining term of approximately two years and a five-year option. Above the retail space are two renovated two-bedroom apartments, one on each of the second and third floors. The second-floor unit includes an additional room. Both apartments benefit from recent renovations (2024) and offer washer/dryer hookups in the basement. Tenants are responsible for their own electricity and gas for heating and hot water. The building is 100% occupied, providing immediate cash flow. The asking price is $775,000, translating to a price per square foot of $172.22. Rent bumps are scheduled for November 2024, as reflected in the operating metrics. This turnkey investment presents a rare opportunity to acquire a well-maintained, high-performing property in a desirable location. The property's advantageous location ensures strong tenant demand for both commercial and residential spaces. The building's solid construction and recent renovations minimize immediate capital expenditure needs.