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Listed by Burak Brian Bilgec United Real Estate
$ 650,000
Est. payment | /mo
$ 650,000
Est. payment | /mo
Key Details
Property Type Multi-Family
Sub Type 5+Family
Listing Status Under Contract
Purchase Type For Sale
MLS Listing ID 26005110
Style 5+Family
Property Sub-Type 5+Family
Property Description
Unique investment opportunity in North Jersey delivering immediate cash flow. This state-licensed 8-unit boarding house generates approximately $7,200 per month in gross rental income with month-to-month leases in place. Average tenant stay is about one year, with several long-term residents providing added stability. Each room is furnished with a bed, dresser, TV, and window A/C. Common areas are fully equipped with essential cooking and cleaning supplies. The property features two shared kitchens and two shared bathrooms (one per floor), plus a top-floor studio with a private half bath. Two car detached garage. High-yield asset producing ~$7,205/mo ($86,460/yr) in gross revenue (rooms + parking). Current NOI approximately $60,045/year (~9.24% cap at ask) with meaningful upside via modest rent optimization (pro forma cap ~9.87% at $900/room). Month-to-month occupancy model with established screening process and optional full-service management available. Key updates include new roof/chimney (2022), boiler (2020), and security cameras (2024), plus ongoing interior improvements. Buyer to verify all financials and licensing requirements.
Location
State NJ
County Bergen
Nearby Locations
28 Valley Road Suite 1, Montclair, Jersey 07042, United States