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Prime location on busy corner on Lexington Ave in the heart of business, retail and residential neighborhood in Passaic, NJ. Commercial zone, mixed use retail and light industrial. Great cash flow from existing tenants: carpet wholesaler, deli mart, printer, warehouse, plus value-add to lease additional 2nd floor units. Some parking on site. Property consists of 5,702sf. Concrete 2 story building, 11,312 sf, with high ceilings, separate entrances/utilities, overhead door, canopy/awning signage and small front parking area for 6+ vehicles, plus street parking. Great investment opportunity and possible redevelopment. Current income over $75K per year, plus ability to improve to over $100K.
THIS SOLID FOUR LEVEL BUIDING IS ONLY PARTIALLY OCCUPIED, THERE IS A STORE BEEN RENOVATED ON THE GROUND FLOOR WITH A 5 YEAR LEASE, 2ND FLOOR IS BEEN LEASED BY TEH P.A.L. OF PASSAIC, 3RD & 4TH FLOORS ARE VACANT RIGHT NOW. THERE IS A HUGE WORKING FREIGHT ELEVATOR ON THIS BUILDING. MAJOR ELECTRICAL WORK HAS JUST BEEN DONE TO UPDATE IT.
14% CAP RATE. $86,017 Net Operating Income (NOI). Tenants have NET LEASES and pay their own utilities. Owner pays only water, sewer, and snow removal. 14% CAP RATE with $86,017 Net Operating Income (NOI). 3 RESIDENTIAL APARTMENTS, 1 RETAIL STORE, 1 COMMERCIAL SPACE/STORE. Street-level storefront/retail space rents for $1,200/month. Second floor 1-bedroom residential apartment (above retail store) rents for $1,000/month. First floor 3-bedroom residential apartment rents for $1,350/month. Second floor 5-BEDROOM residential apartment rents for $1,785/month. Store/factory in the rear building rents for $1800/month. PHASE 1 ENVIRONMENTAL completed in 2008. Taxes are $9,303/year.
Sale leaseback or partial sale leaseback optional.
successful carwash on my own land for almost 30 years. 2 carwash building with 4 vaccum machines. inventory separate in sale. low expenses. contact Jvalencia@vanguardfunding.net for commercial loan info. lowest 30% downpayment