59 Railroad Ave, Washington Boro, NJ 07882

Property Description

Value-add 6-unit multifamily with a clear, validated path to continue growing NOI while delivering the immediate cash flow and stability of a core-plus investment at a 7.27% cap rate on current financials. Since listing in August, storage lease-up and lease renewals have lifted NOI from about $93,000 to $95,900 (7.05% to 7.27% cap rate at the same price, despite higher expenses) at 100% occupancy. The property generates more than $135,000 in annual gross income from 6 apartments, 3 garages and 5 storage units in a detached building, all leased. Current apartment and ancillary rents remain below market, providing approximately $8,880 of additional annual income before any further unit renovations. Additional upside remains through completion of a renovation program already executed within the same property and 7 new storage units in unused basement space. Ownership has invested over $225,000 in capital improvements since 2023, completing renovations across 4 units while addressing major capex items and deferred maintenance throughout. The remaining scope is limited to 2 partially updated units, giving buyers a clearly defined renovation strategy proven by higher achieved rents on site. Environmental items have been proactively addressed, rigorous screening has produced a stable tenant base, and established management systems support an efficient transition. Located about 60 minutes from NYC with convenient access to Routes 57, 31 and I-78, within walking distance of downtown.