LOT SIZE 0.270 acres
MLS#4023260
STATUS
PROPERTY TYPELand - Multiple
Property Description
PRICE IMPROVEMENT -- INCREASED CAP RATE ! 428-434 W Grand Avenue & 1689 Oliver Street in Rahway, NJ are two separate properties which may be sold separately. The property at 428-434 W Grand Ave includes both apartment rentals and storefronts. On the second floor, there are three apartment units: Unit 428, a 1-bedroom unit renting for $1,075 per month; Unit 430, a 3-bedroom unit available on a month-to-month lease for $1,800 per month and Unit 434, an owner-occupied 1-bedroom unit with an estimated rental value of $1,200 per month. The first floor features two storefronts: Unit 428, a 300-square-foot space currently leased to a skincare business at $755 per month on a month-to-month basis, and Unit 434, a vacant restaurant space with a kitchen. The former tenant of Unit 434 was paying $2,000 per month, with the new estimated rental rate set at $2,500 per month. Restaurant equipment is included in the sale. The property at 1689 Oliver St is a fully occupied two-unit building situated on a 0.1327-acre lot. The first-floor unit, a 1-bedroom apartment, is rented for $1,336 per month with a lease through September 2025. The second-floor unit, also a 1-bedroom, is rented for $1,400 per month on a month-to-month lease. The landlord covers the heating costs for both units, which amounts to $900 per year, as there is a single furnace servicing both apartments. The total rental income for the property is $2,736 per month, or $32,832 annually. 7.3% CAP RATE !
Property Features
Property Type: Land - Multiple
Lot Size: 0.27 Acres
Taxes: $20,545
Feature Descriptions
Days on Site: 82
Lot: Corner
Lot Dimensions: 0.27 acre(s)
Sewer: Public Sewer on Property
Water: Public Water on Property
Listed By / Shown By
Listed By
Agency Name: RE/MAX INSTYLE
Agency Contact: 609-303-3456
Shown By
Agency Title: RealtyMark
Agency Phone: 888-260-0040
Estimate Your Payment
Estimated Payment
$ 4,858.62 per month $2,781.96 Principal & Interest $1,712.08 Property Tax $364.58 Homeowner's InsuranceChange Payment Information
428 W Grand Ave | MLS# 4023260
This land located at 428 W Grand Ave, Rahway, NJ 07065 is currently listed for sale with an asking price of $1,250,000. The property has approximately 0.27 Acres. Search Rahway real estate on www.realtymark.net today.