24 Franklin AveNutley, NJ 07110
- Industrial properties
- 0.06 AC
Property Details for 24 Franklin Ave
- Year built
- 1920
- Lot size
- 0.06 AC
- Zone code
- B-3
- Property type
- Industrial properties
- APN
- 16 09101-0000-00001
- APU
- 1609101000000001
Description
This exceptional mixed-use property, situated on a 0.06-acre lot at the highly visible corner of Franklin Avenue and Essex Street in Nutley, NJ, presents a compelling investment opportunity. The 3,600 square foot building boasts a newly installed roof and recently updated units, minimizing maintenance and operating expenses. The ground floor comprises two commercial spaces currently leased as a single unit, generating consistent rental income. Upstairs, a spacious two-bedroom, two-bathroom apartment with its own private entrance and parking provides additional revenue streams. A large office space on the second floor further enhances the property's versatility and income potential. All units are currently occupied under long-term leases, ensuring a stable and predictable cash flow. Modern amenities include a new central air conditioning system and new hot water heaters, enhancing tenant comfort and reducing operational concerns. This turnkey investment offers a blend of commercial and residential income, making it an ideal acquisition for discerning investors seeking a low-maintenance, high-return property in a desirable Nutley location. The building's prime corner location ensures excellent visibility and accessibility, attracting both tenants and customers. This is a rare opportunity to acquire a fully occupied, income-producing property with significant upside potential. The long-term leases in place provide financial stability and minimize vacancy risks. The combination of commercial and residential units diversifies the income stream, mitigating potential market fluctuations. This property is offered at $949,000.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
Alternative Use
- Use
- Valuation
- Residential
- $473,098
- Hospitality
- $433,355
- Educational
- $360,546
- Medical
- $372,946
- Retail
- $560,850
Location Insight
- City
- Nutley
- County
- Essex
- State
- New Jersey
- Latitude
- 40.8092
- Longitude
- -74.166
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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