223 Wyoming PlManville, NJ 08835

Property Details for 223 Wyoming Pl

Year built

1948

Construction

CONCRETE BLOCKS

Lot size

0.14 AC

Property size (Sq ft)

2,617 SF

Property type

Residential income properties

Property subtype

Residential income homes

APN

11 00082-0000-00026

APU

1100082000000026

Description

This exceptional investment opportunity presents a legally licensed rooming house in Manville, NJ, boasting strong rental demand due to its convenient location near the downtown area. The property, situated on a 0.14-acre lot, encompasses a substantial 2,617 square feet and features 14 bedrooms and 3 full bathrooms. The layout includes 5 bedrooms and 1 full bathroom on the first floor, and 9 bedrooms and 2 full bathrooms, along with a small kitchen, on the second floor. Significant renovations were completed in 2021 to the first floor, encompassing all walls and floors with water-resistant concrete materials, new windows and doors, an upgraded electrical panel, fire alarm system, smoke detectors, and a new water heater. The renovated kitchen and bathrooms are ready for immediate occupancy. The basement and crawl space offer additional storage potential. Parking is ample, with a driveway accommodating 7 vehicles, supplemented by available street parking. The property is equipped for laundry hookups, presenting an opportunity to generate additional income through coin-operated machines. While located in a flood zone, all materials below the flood line have been upgraded to meet flood-proof standards, mitigating potential risks. This property offers a rare chance to acquire a high-yield investment in a desirable location with significant recent upgrades. Priced at $950,000.

• CAP approach

  CAP return

  Valuation

  6%

  $536,509

  6.5%

  $495,239

  7%

  $459,865

• Comparable approach

  Method

  Valuation

  Relative Method

  $530,003

  Geo Method

  $530,003

• Alternative Use

  Use

  Valuation

  Residential

  $495,239

  Hospitality

  $453,636

  Educational

  $377,420

  Medical

  $390,400

  Retail

  $587,098

Location Insight

City

Manville

County

Somerset

State

New Jersey

Latitude

40.5444

Longitude

-74.5899

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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