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10 Unit Mixed Use Property with Upside 238-240 Spring St 10 Unit Apartment Building $3,426,350 CAD ($342,635 CAD/Unit) 6.73% Cap Rate Newton, NJ 07860
Investment Highlights
- New Roof
- Newly Painted
- Fire Monitor and Remote Security System in Place
- Solid Retail Tenants with New Leases
- Upside in Apartment Rents
Executive Summary
5 Apartments (Four 2 BR/1BA and One 3 BR/1BA)
5 Retail Units with 4 Tenants (One Tenant rents a double space)
The apartments are mostly large 2 Bedroom units as well as a recently updated 3 BR unit. Recent roof replacement
as well as exterior painting. Some of the 2 BR apartments could be updated and rents increased. Large Parking Lot.
The three current retail tenants all have new two and three year leases, there is one recently vacated retail
space that would provide immediate rent upside for a new owner.
Commercial Tenants pay for all of their own utilities. Landlord pays water/sewer for residential tenants
the rest of the utilities/heat are paid by tenants. Public water and sewer.
Newton is the county seat of Sussex County and home to Newton Memorial Hospital, Thor Labs,
Sussex County Community College and a number of big box retail stores ensuring a steady stream of potential renters.
There is no rent control in Newton.
Please contract Marc for Income and Expenses.
5 Retail Units with 4 Tenants (One Tenant rents a double space)
The apartments are mostly large 2 Bedroom units as well as a recently updated 3 BR unit. Recent roof replacement
as well as exterior painting. Some of the 2 BR apartments could be updated and rents increased. Large Parking Lot.
The three current retail tenants all have new two and three year leases, there is one recently vacated retail
space that would provide immediate rent upside for a new owner.
Commercial Tenants pay for all of their own utilities. Landlord pays water/sewer for residential tenants
the rest of the utilities/heat are paid by tenants. Public water and sewer.
Newton is the county seat of Sussex County and home to Newton Memorial Hospital, Thor Labs,
Sussex County Community College and a number of big box retail stores ensuring a steady stream of potential renters.
There is no rent control in Newton.
Please contract Marc for Income and Expenses.
Property Facts
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 10+5 | 10 | - | - |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 15-00014-06-00005 | Improvements Assessment | $171,318 CAD |
| Land Assessment | $157,612 CAD | Total Assessment | $328,930 CAD |
Property Taxes
Parcel Number
15-00014-06-00005
Land Assessment
$157,612 CAD
Improvements Assessment
$171,318 CAD
Total Assessment
$328,930 CAD
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10 Unit Mixed Use Property with Upside | 238-240 Spring St
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