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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
12 two bedrooms
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.
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