This is a large 6-family building in Upper Clinton Hills. Building has three 3 bedroom apartments and three 2 bedroom apartments for a total of 6 apartments. Building will be delivered vacant. Three of the apartments are in move in conditions the other three need TLC work like bathrooms, kitchen, windows etc. Seller willing to have buyer take over current mortgage and expenses for 36 months with 10% held in escrow. Call me for details, John 908-759-3161
Building to be sold strictly in AS-IS condition
Newark’s Section 8 vouchers are as followed
1 Bedroom $971
2 Bedroom $1,107
3 Bedroom $1,597
4 Bedroom $1,772
Link to Section 8 website is : http://www.newarkha.org/lti_hcvp.php
Using the chart above these would be the numbers
Gross Rent per year $97,344
Taxes per year $11,000
Insurance per year $3,500
5% Vacancy rate $4,897
Water per year $2,400 (all other utilities separate)
Property Manager $6,000 (garbage/maintenance etc. $500/month)
Total Net $69,547
CAP RATE 26.24%
TO SCHEDULE A SHOWING PLEASE CALL JOHN AT 908-759-3161
SERIOUS BUYERS ONLY PLEASE. Buyer must be purchasing with cash, hard or private money, or line of credit and able to close within (10) days or less. 10% Non-Refundable deposit due within 48 hrs of acceptance. Property being sold “as is”, any and all inspections and certifications, including Certificate of Occupancy will be Buyer’s responsibility. Free and clear title, quick closing offered.
TO MAKE AN OFFER CALL John at 908-759-3161. All information, regardless of source, should be verified by personal inspection by and/or with the appropriate professional(s). The information is not guaranteed. Measurements are solely for the purpose of marketing, may not be exact, and should not be relied upon for loan, valuation, or other purposes. The buyer is responsible at their sole cost and expense to obtain all required permits, approvals, and certificates, including but not limited to the certificate of occupancy and smoke detector certification.