PRICE IMPROVEMENT TRANSLATES TO INCREASED CAP RATE ! 428-434 W Grand Avenue & 1689 Oliver Street in Rahway, NJ are two separate properties which may be sold separately. The property at 428-434 W Grand Ave includes both apartment rentals and storefronts. On the second floor, there are three apartment units:… Read More Unit 428, a 1-bedroom unit renting for $1,075 per month; Unit 430, a 3-bedroom unit available on a month-to-month lease for $1,800 per month and Unit 434, an owner-occupied 1-bedroom unit with an estimated rental value of $1,200 per month. The first floor features two storefronts: Unit 428, a 300-square-foot space currently leased to a skincare business at $755 per month on a month-to-month basis, and Unit 434, a vacant restaurant space with a kitchen. The former tenant of Unit 434 was paying $2,000 per month, with the new estimated rental rate set at $2,500 per month. Restaurant equipment is included in the sale. The property at 1689 Oliver St is a fully occupied two-unit building situated on a 0.1327-acre lot. The first-floor unit, a 1-bedroom apartment, is rented for $1,336 per month with a lease through September 2025. The second-floor unit, also a 1-bedroom, is rented for $1,400 per month on a month-to-month lease. The landlord covers the heating costs for both units, which amounts to $900 per year, as there is a single furnace servicing both apartments. The total rental income for the property is $2,736 per month, or $32,832 annually. Read Less
Courtesy of RE/MAX INSTYLE.
Listing Snapshot
Days Online
88
Last Updated
Property Type
Other
Square Ft.
7,439
Lot Size
0.27 Acres
Year Built
1890
MLS Number
3948881
30 Days Snapshot Of 07065
$525k
+5%
(avg) sold price
24
+118%
homes sold
82
-8%
(avg) days on market
Snapshot
Area Map
Additional Details
Basement
No
Building
Built in 1890
Cooling
4+ Units
Exterior Features
See Remarks
Water Features
Public Water
Heating
Electric, Gas-Natural, 4+ Units
Lot
0.27 acres
Property
7,439 sqft building, 7 units
Roof
See Remarks
Sewer
Public Sewer
Taxes
Annual Tax Amount: $20,545, Tax Rate: 7.405
Utilities
Electric, Gas-Natural
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