148 Welton StNew Brunswick, NJ 08901

Property Details for 148 Welton St

Year built

1912

Construction

TYPE NOT SPECIFIED

Lot size

0.10 AC

Property size (Sq ft)

8,076 SF

Zone code

R-5A

Property type

Residential income properties

Property subtype

Residential income homes

APN

13 00143-0000-00013- 01

APU

130014300000001301

Description

This exceptional investment opportunity presents a 14-unit apartment building located at 148 Welton Street in New Brunswick, New Jersey. The property, classified as a Class C multifamily building, boasts a compelling asking price of $2,325,000, translating to $166,071 per unit. The building comprises two stories and features a mix of one, two, and three-bedroom units. Each unit is equipped with individual heating and hot water furnaces, along with separate gas and electric meters. Currently generating a Net Operating Income (NOI) of $148,239, this property offers a strong 6.38% capitalization rate. A significant advantage lies in the current rental rates, which are approximately 50% below market value, presenting a substantial opportunity to increase revenue upon unit turnover, leveraging New Brunswick's vacancy decontrol regulations. One unit will be vacant at closing. The property's prime location within walking distance of New Brunswick's train station provides easy access to major cities like Newark and New York City, ensuring high demand for rental units. This proximity to the downtown area and its diverse employment opportunities further enhances the property's investment appeal. This is a rare chance to acquire a well-positioned multifamily asset with considerable upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $1,655,653

  6.5%

  $1,528,295

  7%

  $1,419,131

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,635,576

  Geo Method

  $1,635,576

• Alternative Use

  Use

  Valuation

  Residential

  $1,528,295

  Hospitality

  $1,399,910

  Educational

  $1,164,709

  Medical

  $1,204,765

  Retail

  $1,811,769

Location Insight

City

New Brunswick

County

Middlesex

State

New Jersey

Latitude

40.4917

Longitude

-74.4478

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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