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Joseph Lam

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

Listed by Stephen B. Clyde • LPT Realty, LLC

$475,000

Est. payment - /mo

2,447 SqFt

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UPDATED:

Key Details

Property Type Multi-Family

Sub Type Detached

Listing Status Active

Purchase Type For Sale

Square Footage 2,447 sqft

Price per Sqft $194

MLS Listing ID NJCD2126414

Style Other

Abv Grd Liv Area 2,447

Year Built 1950

Annual Tax Amount $9,138

Tax Year 2025

Lot Size 0.910 Acres

Acres 0.91

Property Sub-Type Detached

Source BRIGHT

Property Description

INVESTMENT OPPORTUNITY! Add this income-producing triplex to your portfolio or take advantage of the opportunity to live in one unit while generating rental income from the other two. The property consists of three residential units: two spacious 2-bedroom, 1-bath apartments and one 1-bedroom, 1-bath apartment. Based on estimated market rents, each 2-bedroom unit has the potential to generate approximately $1,500 per month, while the 1-bedroom unit is estimated at approximately $1,000 per month. At full occupancy and projected rents, the property could generate approximately $4,000 per month or $48,000 annually in gross rental income. Estimated annual expenses provided by the owner include $9,138 in property taxes, $2,376 in insurance, and approximately $2,376 in maintenance, for total stated annual expenses of approximately $13,890. Based on these figures, projected Net Operating Income is approximately $34,110 annually. If the two additional lots are sold for $125,000 each, the total projected land-sale proceeds would be $250,000.Based on the stated NOI of $34,110, the resulting effective capitalization rate would be approximately 17.1%.For reference, without accounting for potential lot-sale proceeds, the property offers an approximate 7.6% capitalization rate.In addition to the existing triplex and rental income potential, the property presents a development opportunity. Subject to municipal approvals, zoning, subdivision requirements, and all applicable permits, the lot may offer potential for the creation and sale of two additional building lots at an estimated $125,000 each, providing an opportunity for future development or added value. Whether you're an experienced investor looking to expand your portfolio, an owner-occupant seeking to offset housing costs with rental income, or a developer looking for additional land potential, this property offers multiple possibilities.Three existing units, multiple income streams, an estimated 7.6% cap rate based on the full purchase price, and a potential effective 17.1% cap rate after the estimated sale of two additional lots make this an opportunity worth a closer look. Schedule your private showing and explore the possibilities for yourself. All rental amounts, income, expenses, cap rate calculations, lot values, development potential, and financial projections are estimates only and should be independently verified by the buyer. Any subdivision or development opportunity is subject to municipal approval, zoning requirements, permitting, engineering, and other applicable regulations. The projected effective capitalization rate does not account for selling costs, taxes, financing costs, closing expenses, or other transaction-related expenses.

Location

State NJ

County Camden

Area Berlin Boro (20405)

Zoning R1

Interior

Hot Water Natural Gas

Heating Radiator

Cooling None

Fireplace N

Heat Source Natural Gas

Laundry None

Exterior

Garage Spaces 6.0

Utilities Available Cable TV

Water Access N

Roof Type Shingle

Accessibility None

Total Parking Spaces 6

Garage N

Private Pool No

Building

Foundation Brick/Mortar, Block

Above Ground Finished SqFt 2447

Sewer Public Septic

Water Public

Architectural Style Other

Additional Building Above Grade

New Construction N

Schools

Elementary Schools Berlin Community E.S.

Middle Schools Berlin Community School

High Schools Eastern H.S.

School District Berlin Borough Public Schools

Others

Tax ID 05-02100-00003

Ownership Fee Simple

SqFt Source 2447

Special Listing Condition Standard

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Joseph Lam

+1(856) 305-8329

Broker Associate License ID: 0682262

153 NEW FREEDOM RD Berlin, NJ 08009

Joseph Lam

Key Details

Location

Interior

Exterior

Building

Schools

Others

NEARBY SCHOOL & BUSINESS

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153 NEW FREEDOM RD