350 Concord Ave, EWING, NJ 08618 (MLS # NJME2060682)

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PRICE $2,200,000 BEDS 6 BATHS 0 HOME SIZE 13,440 sqft LOT SIZE n/a Request More Info Schedule a Showing

Presenting a rare investment opportunity: five detached multifamily buildings, each located on the same street in Ewing, NJ. Each building features four units"”two spacious 2-bedroom, 1-bath apartments and two comfortable 1-bedroom, 1-bath apartments"”totaling 20 units across the portfolio. Property Highlights: Unit Mix: Each building offers 2 × 2BR/1BA and 2 × 1BR/1BA units, for a total of 10 two-bedroom and 10 one-bedroom units. Configuration: All five buildings are detached and situated on a single street, maximizing curb appeal and operational efficiency. Current Income: The portfolio generates a gross scheduled rent of $270,264 and a collected rent of $251,000 annually, with a Net Operating Income (NOI) of approximately $169,234 after projected renovations. Cap Rate: At the $2,200,000 asking price and projected NOI, the cap rate is approximately 7.7% for a cash purchaser. Value-Add Upside: Unlock the property's full potential by investing approximately $300,000 in targeted renovations: Interior Upgrades: Install vinyl plank flooring, granite countertops, stainless steel appliances, fresh paint, new vanities, and updated flooring and tile work in each bathroom. Building Enhancements: Add a chain-link fence for secure basement storage for each building, washer and dryer installations in the basement, and exterior security cameras for peace of mind. Amenities: Construct a vestibule outside each building for secure package delivery, and pave the driveway to create two new parking spaces in the front and two in the rear of each building. Section 8 Potential: These improvements will significantly increase the property's appeal and rental income, especially for Section 8 tenants, where the enhanced amenities and finishes are expected to command higher allowable rents. Seller Financing Available: Flexible seller financing terms are offered to qualified buyers: Down Payment: $1,200,000 cash Seller Financing: $1,000,000 at a competitive 3% interest rate, amortized over 30 years, with a 5-year balloon period Investment Summary: Asking Price: $2,200,000 Gross Scheduled Rent: $270,264 Net Operating Income (Pro Forma): $169,234 (post-renovation) Cap Rate: 7.7% (cash purchase, post-renovation) Seller Financing: $1,000,000 at 3% interest, 5-year balloon This is a unique opportunity to acquire a well-located, high-upside multifamily portfolio with significant value-add potential and attractive seller financing. Contact us today for a full financial package and to schedule a tour.