High-performing mixed-use investment property offering an over 8% cap rate in a prime redevelopment zone with exceptionally low taxes. This stabilized asset provides immediate cash flow with long-term upside. The first floor features a busy 2,600 sq ft restaurant/event hall with seating for up to 120 patrons, central air, forced… Read More air heat, and a full-length open basement currently used by the commercial tenant. The second floor includes two 2-bedroom, 1-bath residential units, each with living and dining rooms. Both apartments were fully renovated in 2018 and feature forced hot air heating. The entire building was completely renovated in 2018, including roof, plumbing, electrical, and all units, with all work completed to code minimizing near-term capital expenditures. All three units have separate utilities. Current rents are $4,500 (commercial) and $1,600 each for the residential units, with apartments rented below market value, presenting a clear value-add opportunity. Residential leases expire April and May 2026, allowing for future rent repositioning. Property is fully occupied with strong tenants. Located within a redevelopment zone, this property offers multiple exit strategies including continued cash-flow ownership, rent optimization, or future redevelopment. Ideal for investors seeking a turn-key, income-producing asset with upside potential in a growing area. Read Less
Courtesy of HOWARD HANNA RAND REALTY.
Listing Snapshot
Days Online
85
Last Updated
Property Type
Other
Square Ft.
4,200
Lot Size
0.06 Acres
Year Built
1930
MLS Number
4008149
30 Days Snapshot Of 07055
$840k
+93%
(avg) sold price
3
0%
homes sold
172
+86%
(avg) days on market
Snapshot
Area Map
Additional Details
Basement
Full, Unfinished, Yes
Building
Built in 1930, Renovated in 2018
Cooling
Window A/C(s)
Exterior Features
Brick/Block
Water Features
Public Water
Heating
Gas-Natural, 3 Units
Lot
Approximate Lot Size: 25X100, 0.06 acres, Level Lot
Property
4,200 sqft building, 3 units
Roof
Flat
Sewer
Public Sewer
Taxes
Annual Tax Amount: $8,604, Tax Rate: 4.123
Utilities
Gas-Natural
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