814-816 Clinton Ave - Newark, NJ $435,000

10 Units Mixed Use

2 retail and 8 apartments (6 one bedrooms, 2 studios)

Taxes $10,991

Fully Renovated

New wiring 2009, New Plumbing 2008, New Roof 2007

Ceramic tile in all kitchens and baths 2008.

Two apartments and 4 baths renovated in 2010

Current Green Card with 3 1/2 years left

Seller is open to seller financing

 

 

 

 

Common areas all have emergency exit lights

 

 

All apartments were renovated with ceramic tile in the kitchens and baths

 

 

A separate utilities except water, All new boilers and hot water heaters

 

 

 

 

    Neighborhood

 

 

 

 

Rent $67,800
   
Vacancy (5%) $3,390
Maintaince $4,068
Taxes $12,761
Insurance $5,000
Sewage/Water $1,800
Gas/Electric $420
Total Expenses $27,439
   
NOI $40,361

Rent Roll

Store .....900

Store .....950

6 (1) br ...500

2 Studio  400

Total .....5650

 

Cap Rate 9.3%

 

 

Both Commercial units are on new 5 year leases.