260 Grant StSalem, NJ 08079

Property Details for 260 Grant St

Year built

1900

Property size (Sq ft)

1,454 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This Salem, NJ multifamily property presents a compelling investment opportunity. Priced at $150,000, this fee-simple twin home boasts a 9.95% cap rate and a strong net operating income (NOI) of $14,920. Currently 100% occupied since May 3, 2023, the property generates a monthly rental income of $1,850. The 1,454 square foot building, constructed in 1900 and extensively renovated in 2023, features four bedrooms and one bathroom. Situated on a 3,258 square foot lot, the property is zoned residential. Recent improvements include a new roof (2022-2023) and new windows. The tenant is currently under a Section 8 subsidy program, ensuring consistent rental income. While the property is sold "as is," the current Certificate of Occupancy is valid. Should the city require a new CO, the buyer will be responsible for any necessary repairs. Note that all inspections are for informational purposes only, and interior photos reflect the property's condition prior to the tenant's move-in to respect their privacy. This turnkey investment offers immediate cash flow and significant potential for future appreciation in the desirable Salem, NJ market.

Location Insight

City

Salem

County

Salem

State

New Jersey

Latitude

39.5725

Longitude

-75.4627

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