151 Fairview AveSomerville, NJ 08876

Property Details for 151 Fairview Ave

Year built

1920

Construction

FRAME

Lot size

0.23 AC

Property size (Sq ft)

3,080 SF

Zone code

R-3

Property type

Residential income properties

Property subtype

Residential income homes

APN

18 00049-0000-00010

APU

1800049000000010

Description

This exceptional eight-unit apartment building presents a lucrative investment opportunity in the desirable Somerville, NJ, downtown area. The property, located at 151 Fairview Ave, encompasses a substantial 3,080 square feet on a 0.23-acre lot. The building comprises six studio apartments, each featuring a kitchen and full bathroom, along with one one-bedroom unit and one two-bedroom unit. Seven of the eight units have undergone recent renovations, ensuring a high standard of living for tenants. Currently boasting 100% occupancy, this property offers immediate and consistent cash flow. The building's prime location provides easy access to Somerville's vibrant downtown, offering tenants convenient access to shops, restaurants, and other amenities. Potential investors should note that some air conditioning units are tenant-owned. Serious inquiries only

• CAP approach

  CAP return

  Valuation

  6%

  $631,428

  6.5%

  $582,856

  7%

  $541,224

• Comparable approach

  Method

  Valuation

  Relative Method

  $623,771

  Geo Method

  $623,771

• Alternative Use

  Use

  Valuation

  Residential

  $582,856

  Hospitality

  $533,893

  Educational

  $444,193

  Medical

  $459,470

  Retail

  $690,967

Location Insight

City

Somerville

County

Somerset

State

New Jersey

Latitude

40.5644

Longitude

-74.5969

CBSA code

35620

CBSA name

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

Property Tax & Assessments

FAQs

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