428-434 W Grand Ave, Rahway City, NJ 07065
428-434 W Grand Ave, Rahway City, NJ 07065
428-434 W Grand Ave, Rahway City, NJ 07065
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LivX .

LivX .

+1(973) 221-0545
$1,250,000
Est. payment /mo
0.27 Acres Lot
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Key Details

Property Type Vacant Land

Listing Status Under Contract

Purchase Type For Sale

MLS Listing ID 4023260

HOA Y/N No

Annual Tax Amount $20,545

Tax Year 2024

Lot Size 0.270 Acres

Property Description

PRICE IMPROVEMENT -- 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: 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. 7.3% CAP RATE !

Location

State NJ

County Union

Zoning B-1

Building

Lot Description Corner

Sewer Public Sewer on Property

Water Public Water on Property

Others

Senior Community No

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LivX .

LivX .

+1(973) 221-0545

Broker | License ID: 1859462

Broker License ID: 1859462

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428-434 W Grand Ave