2219 PARK AVE, South Plainfield, NJ 07080 – NJMX2006058

South Plainfield, NJ 07080,2219 PARK AVE

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Joseph Lam

sales@soldbyturnkey.com +1(856) 305-8329

$850,000

Est. payment - /mo

4,500 SqFt

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UPDATED:

10/17/2024 05:18 PM

Key Details

Property Type Commercial

Sub Type Five Or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 4,500 sqft

Price per Sqft $188

MLS Listing ID NJMX2006058

Originating Board BRIGHT

Year Built 1970

Annual Tax Amount $14,838

Tax Year 2022

Lot Size 0.370 Acres

Acres 0.37

Lot Dimensions 0.00 x 0.00

Property Description

INVESTORS: This five-unit, mixed residential / commercial building has a cap-rate of 6.8%, bringing in a gross rent of $7,100 a month (although this can be increased if the residential units are updated and the back detached properties designation changes). The entire unit is currently rented to a barber shop for $1,775 and a waxing studio for $850. The upstairs apartments are both two bed, one baths rented for $1,525 and $1,425. In the rear is an additional detached property that is currently used as a residential unit but can be converted into a commercial space (medical is approved zoning) for $1,525. All units have their own boilers and pay for their own utilities. The properties have 21-23 parking spots and are right on the corner of a major junction, so have plenty of curbside visibility. Total gross rent is $85,200 and expenses are $26,836. Included in expenses are the following: Professionals Fees ( Fire Alarm Inspection & Monitoring)

Location

State NJ

County Middlesex

Area South Plainfield Boro (21222)

Zoning OBC1

Interior

Hot Water Natural Gas

Heating Forced Air

Cooling Central A/C

Heat Source Natural Gas

Exterior

Garage Spaces 26.0

Water Access N

Accessibility None

Total Parking Spaces 26

Garage N

Building

Sewer Public Sewer

Water Public

New Construction N

Schools

School District South Plainfield Schools

Others

Tax ID 22-00065-00002

Ownership Fee Simple

SqFt Source Assessor

Acceptable Financing Cash

Listing Terms Cash

Financing Cash

Special Listing Condition Standard

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Listed by Timothy Christopher Crew • BHHS Fox & Roach - Princeton

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Joseph Lam

+1(856) 305-8329

Broker Associate | License ID: 0682262

Broker Associate License ID: 0682262