BUY & HOLD + NEW CONSTRUCTION OPPORTUNITY - Elizabeth port, NJ

Huge 2-Family with 4 rentable units (Basement, 1st Fl, 2nd Fl & Attic) - can easily be converted to a 3-Family. 2,652 living sq ft on a DOUBLE LOT (50 x 100). Current structure in good condition. Subdivide the lot & build a new 2-family next door!

CURRENT INCOME: $6,950/month

- 1st Floor: 2 Bed / 1 Bath - $1,700/mo

- 2nd Floor: 3 Bed / 1 Bath - $1,650/mo

- 3rd Floor (Attic): 2 Bed / 1 Bath - $1,600/mo

- Basement: 2 Bed / 1 Bath - $1,000/mo

- Garages (3): 2 rented @ $150/mo each = $300/mo

- Parking (7 spaces): 7 rented @ $100/mo each = $700/mo

EXPENSES:

- Taxes: ~$10,000/yr

- Water: $1,400/yr

- Basement Gas: $480/yr

THE NUMBERS:

- Asking: $865K

- ARV: $1.9M

- Gross annual income: $83,400

Value-add play: hold the cash-flowing 4-unit, subdivide the double lot, and build a brand-new 2-family for massive equity upside. Serious buyers only.

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BUY & HOLD + NEW CONSTRUCTION OPPORTUNITY - Elizabeth port, NJ