Property Description:
Attention investors! Don't miss out on a fantastic opportunity to own a 3-unit building located at 64 Milford Ave, Newark, NJ. This property is already generating income with all three units currently occupied. The first floor unit, which is owner-occupied, will be vacated soon, providing an excellent chance to increase your rental income.
The first floor unit includes a cozy living/dining room, 2 bedrooms, a full bath, and a wood-burning fireplace. The second floor boasts a 2 bedroom, 1 bath unit with an additional set of rooms that can be converted into another 1 bedroom unit. On the third floor, you'll find another 2 bedroom, 1 bath unit. The first floor unit, which is owner-occupied, will be vacated soon, providing an excellent chance to increase your rental income.
The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate.
What's more, this building is in a prime location, with several new developments underway nearby. Down the street, 94 Milford is a 2-family with 8 bedrooms, 6 baths, and a finished basement that sold for $735k in Dec 2022. 92 Milford is currently under contract for $650k, and 88-90 Milford sold for $720k in Dec 2022. Across the street, 21 Milford is a 3-family, 8 bedroom, 3.5 bath property that is under contract. 23 Milford is a fully renovated colonial with 7 bedrooms and 3.5 baths that is also currently under contract.
So, if you're looking for a turnkey investment with great income potential and the possibility of increased value, look no further than 64 Milford Ave. Act now before it's too late!