BEDS0
BATHS
SQUARE FEET3,687
MLS#NJSA2019906
STATUSACTIVE
PROPERTY TYPEMulti Unit - Multiple
SCHOOLPENNS GROVE-CARNEYS POINT SCHOOLS
Property Description
INVESTOR OPPORTUNITY — TWO-UNIT DUPLEX WITH STRONG IN-PLACE INCOME & SIGNIFICANT RENTAL UPSIDE! Whether you're a first-time investor looking to build your rental portfolio or an experienced investor searching for your next income-producing property, 60-62 Franklin Street offers an excellent opportunity to own a fully occupied duplex with two exceptionally large units and established tenants. Each side features 6 bedrooms, providing substantial living space and strong rental potential. Both units are currently occupied, providing an investor with immediate rental income from day one while also offering potential upside as rents are brought closer to current market levels over time. Unit 60 features a long-term tenant who has called the property home for more than 40 years. Current rent is $1,600 per month. Unit 62 has been occupied by the current tenants since November 2023 and currently generates $1,800 per month in cash rent. Combined, the property currently produces $3,400 per month, or $40,800 annually, in gross scheduled rental income. The current rents also present an attractive opportunity for investors focused on long-term income growth. HUD's FY2026 Fair Market Rent data for ZIP Code 08069 indicates a $2,423 monthly FMR for a 4-bedroom unit. While HUD does not publish a separate standard FMR above four bedrooms, these properties offer six bedrooms per side, creating an interesting opportunity for an investor to evaluate the units based on their size, configuration, condition, and the local rental market. With two occupied units, established rental history, Section 8 income on one side, and substantial bedroom counts, 60-62 Franklin Street is a property that can appeal to both the investor looking for immediate income and the investor looking to identify additional upside through future rent optimization. Current Gross Income: $3,400/month | $40,800/year Bring your investment strategy and take advantage of the opportunity to own a large, income-producing duplex in Penns Grove.
Property Features
Property Type: Multi Unit - Multiple
Basement: Full, Unfinished
Basement: Yes
Cooling: None
Fuel Type: Oil
Heating: Radiator
Lot Size: 0.24 Acres
Roof Type: Pitched, Shingle
Taxes: $4,519
Year Built: 1910
Feature Descriptions
Additional Structures: Above Grade, Below Grade
Days on Site: 7
Electric: 100 Amp Service
Exterior: Sidewalks, Street Lights
Exterior: Vinyl Siding
Lot Dimensions: 0.24 Acre(S)
Municipality: PENNS GROVE BORO
Sewer: Public Sewer
Structure Type: Detached
Units: 1
Utilities: Cable TV Available
Water: Public
Local Schools
High School: PENNS GROVE
Middle School: PENNS GROVE
Elementary School: FIELD STREET SCHOOL
School District: PENNS GROVE-CARNEYS POINT SCHOOLS
Listed By / Shown By
Listed By
Agency Name: Family Five Homes
Agency Phone: 8569390668
Shown By
Agency Title: RealtyMark
Agency Phone: 888-260-0040
Estimate Your Payment
Estimated Payment
$ 1,194.68 per month $723.31 Principal & Interest $376.58 Property Tax $94.79 Homeowner's InsuranceChange Payment Information
60-62 Franklin Street | MLS# NJSA2019906
This multi-family property located at 60-62 Franklin Street, Penns Grove, NJ 08069 is currently listed for sale with an asking price of $325,000. 60-62 Franklin Street is located within the PENNS GROVE-CARNEYS POINT SCHOOLS school district. Search Penns Grove real estate on www.realtymark.net today.