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68 Mill St
Belleville, NJ 07109
Multifamily Property For Sale
·
6 Units
INVESTMENT HIGHLIGHTS
- strong in-place cash flow
- Unit 2 delivered vacant at closing – immediate value-add potential
- 5 units renovated and rented at market with reliable cash tenants
- Brand new $25,000 heating system installed
EXECUTIVE SUMMARY
Rare value-add opportunity in a stabilized 6-unit multifamily property with five fully renovated apartments already achieving strong market rents. Unit 2, currently unrenovated, will be delivered vacant at closing—allowing a buyer to immediately renovate and push rents, significantly increasing NOI. The building is fully occupied with cash-paying tenants and low turnover, making it a solid cash-flowing asset from day one.
The property features a brand new $25,000 heating system, minimizing future CapEx. There's significant untapped upside: increase rents by 4% annually, install a coin-operated laundry in the basement for added income, and build out basement storage cubicles to rent to tenants. With below-market expenses and high-efficiency mechanicals in place, this asset presents an ideal opportunity for investors seeking both current yield and long-term appreciation.
The property features a brand new $25,000 heating system, minimizing future CapEx. There's significant untapped upside: increase rents by 4% annually, install a coin-operated laundry in the basement for added income, and build out basement storage cubicles to rent to tenants. With below-market expenses and high-efficiency mechanicals in place, this asset presents an ideal opportunity for investors seeking both current yield and long-term appreciation.
PROPERTY FACTS Under Contract
| Price Per Unit | $207,444 CAD | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 7.41% | Lot Size | 0.05 AC |
| Gross Rent Multiplier | 7.55 | Building Size | 4,596 SF |
| No. Units | 6 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1917/2024 |
| Zoning | B-G - Commercial/Residential | ||
| Price Per Unit | $207,444 CAD |
| Sale Type | Investment |
| Cap Rate | 7.41% |
| Gross Rent Multiplier | 7.55 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 4,596 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1917/2024 |
| Zoning | B-G - Commercial/Residential |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 4 | - | - |
| 2+1 | 2 | - | - |
PROPERTY TAXES
| Parcel Number | 01-08502-0000-00021 | Improvements Assessment | $539,522 CAD |
| Land Assessment | $290,512 CAD | Total Assessment | $830,034 CAD |
PROPERTY TAXES
Parcel Number
01-08502-0000-00021
Land Assessment
$290,512 CAD
Improvements Assessment
$539,522 CAD
Total Assessment
$830,034 CAD
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