Midtown At Washington 2 Buildings

62 East Washington Ave

Washington Borough, NJ

Building 1 Completely ready for sale or lease

5 Retail Stores – 7,500 square feet of space -

9 one bedrooms

3 Studios

12 two bedrooms

Income

All of the retail units are rented with 5 year NNN leases. All are in the 2nd year of the lease paying $12 PSF equaling $7500 per month. There is a $1 PSF increase every year.

2 of the residential units (1 studio and 1 two bedroom) have been sold.

2 studios are rented at $650, 8 one bedrooms are rented at $795 and 9 two bedrooms are rented at $1295 which comes to $19,315 totaling $26,815 per month.

Expenses

The owner is paying $3000 in maintenance fees for the unsold units and collecting $73 and $101 for the two sold units. Water and sewer are $500 a month.

Building 2 is being offered with foundation,

First level and steel in place for upper floors.

Approved for 7,500 square feet of retail space,

7,500 square feet of storage and 24 condominiums / townhouses

All units including retail are condominiums and can be individually sold.

5 year property tax abatement

Parking for 96 cars

site work completed         $7,000,000

Building 2 to completion   $3,000,000

Total investment             $10,000,000