774-776 Main StPhillipsburg, NJ 08865

Exceptional investment opportunity in Phillipsburg, NJ, this multifamily property offers significant value-add potential. The property consists of two buildings, totaling five units currently at 100% occupancy, generating a strong net operating income (NOI) of $80,000, with a pro-forma NOI of $92,000. The asking price is $869,900, representing a 9.20% cap rate and a pro-forma cap rate of 10.58%. Built in 1900 and extensively renovated in 2023, the property features a three-car garage and benefits from a B-2 zoning designation. Recent renovations include full cosmetic rehabs in several units, new electrical work, attic conversions, new windows, new water heaters, repaired fascia, a new sewer line, new water lines, and serviced boilers. Individual water meters have been installed for each unit. The property includes a recently renovated four-bedroom unit with a finished attic that could be converted into a fifth bedroom. Tenants are responsible for their own utilities, minimizing landlord responsibilities. The property sits on a spacious lot and is situated on South Main Street in Phillipsburg, Warren County, New Jersey, zip code 08865. Annual property taxes are $13,200, and annual insurance is $5,500. The current monthly gross rent is $8,225 ($7,825 from units + $400 from garages), translating to an annual gross income of $98,700. With potential for rent increases to market rates, this property presents a compelling opportunity for investors seeking strong cash flow and appreciation. The property has been recently appraised at $1,050,000.