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60-62 Mill St 7 Unit Apartment Building $2,309,554 CAD ($329,936 CAD/Unit) 7.22% Cap Rate Newton, NJ 07860
Investment Highlights
- New Roofs on Both Buildings
- Many Units Updated but Still Room to Make Upgrades and Increase Rents - An Easy Lift
- Large Private Parking Area
- Upside in Rents - No Rent Control in Newton
- Near Sussex County Community College, Newton Memorial Hospital and many Large Retailers
Executive Summary
Two Multi Family buildings on two lots next to each other and being sold together. 7 Apartments in total (One 3BR/2 BA, Three 2BR/1BA and Three 1BR/1BA) plus 4 Garages. Located on Mill St these Apartments are only a 5 or 6 minute walk to downtown Spring st. Many of the units have been updated with new kitchens and bathrooms, while a couple of the units could benefit with updating and in turn being able to increase rents. Plenty of parking for tenants. The 3 BR apartment is very large and could potentially be converted into either a 4 BR or Two 2 BR units (there are separate entrances and two bathrooms). Please contact broker for income and expenses.
Property Facts
| Price | $2,309,554 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $329,936 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.37 AC |
| Cap Rate | 7.22% | Building Size | 6,408 SF |
| No. Units | 7 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1925 |
| Property Subtype | Apartment | ||
| Zoning | T-4, 2 - Residential | ||
| Price | $2,309,554 CAD |
| Price Per Unit | $329,936 CAD |
| Sale Type | Investment |
| Cap Rate | 7.22% |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.37 AC |
| Building Size | 6,408 SF |
| No. Stories | 2 |
| Year Built | 1925 |
| Zoning | T-4, 2 - Residential |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | - | - |
| 2+1 | 3 | - | - |
| 3+2 | 1 | - | - |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
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60-62 Mill St
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