427 Central AvePhillipsburg, NJ 08865

Property Details for 427 Central Ave

Lot size

0.22 AC

Property size (Sq ft)

3,122 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

Exceptional investment opportunity awaits with this beautifully remodeled 5-unit apartment building in desirable Phillipsburg, New Jersey. This fee-simple property, situated on a 0.22-acre lot, boasts 3,122 square feet and features five units: three 1-bedroom, one 2-bedroom, and one 3-bedroom apartment. Completely renovated in 2024, the building showcases a brand-new roof, new water heaters, updated bathrooms, fresh paint throughout, and contemporary kitchens with new cabinets, countertops, and stainless-steel appliances. New carpeting and LVP flooring enhance the modern aesthetic. The exterior has been revitalized with new vinyl siding, shutters, and a freshly painted block facade. A newly installed paver patio and a stone off-street parking lot provide ample parking for residents. Each unit has its own entrance and separate electric meters for simplified management. The basement offers additional storage space, with potential for coin-operated laundry to increase revenue. The property is zoned R-4 and offers a strong 8.90% cap rate with a current NOI of $88,970. This turnkey investment property is ready for immediate occupancy and offers a hassle-free opportunity to capitalize on the thriving rental market. This is a remarkable property combining modern living with exceptional curb appeal. The asking price is $999,900.

Location Insight

City

Phillipsburg

County

Warren

State

New Jersey

Latitude

40.6633

Longitude

-75.1551

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