Address
225-231 Gibbon Street, Salem, NJ
Price
$ 299,000
Property Attributes
- MLS#NJSA2010698
- TypeMulti-Family
- CountySALEM
- CitySalem
- AreaSalem City
- Zip08079
- StyleTraditional
- Year Built1940
- Taxes$ 6721
- Price$ 299,000
- Bedrooms12
- Full Bathrooms0
- Half Bathrooms0
- Lot Size0.12 Acres
Data Source:
Bright MLS
Property Description
Welcome to 225-231 Gibbon Street, Salem, NJ. This meticulously maintained property presents an exceptional investment opportunity with a smart and strategic approach. Comprising four 3-bedroom, 1-bath townhomes, this income-generating property offers a total of 12 bedrooms and 3 bathrooms across a generous 2380 square feet of living space. Nestled on a total lot size of 5118 square feet, the property boasts newer roofs, adding an invaluable layer of functionality . Each unit is currently occupied, with annual leases in place, ensuring a consistent stream of income for the savvy investor. Notably, three of the four of the townhomes have been recently updated, offering a blend of character and modern convenience. The property's impressive annual gross rental net of $56,760 and a remarkable 12.74% cap rate underscore its potential as a lucrative addition to any investment portfolio. Photos of 229 and 231 are prior to the recent current tenants' occupancy. Conveniently located in a convenient area, this property presents a rare opportunity to acquire a turnkey investment with strong rental history and promising returns. Don't miss the chance to own this income-generating gem in Salem, NJ. Schedule your showing today and seize this astute investment opportunity.
| Price History | |
|---|---|
| 4/16/2024 | Listed $320,000 |
| 5/2/2024 | 2% - $315,000 |
| 5/9/2024 | 2% - $309,000 |
| 5/28/2024 | 2% - $304,000 |
| 6/6/2024 | 2% - $299,000 |
General Features
| Sewer | Public Sewer |
|---|---|
| Heating | Forced Air |
| Cooling | None |
| Possession | 31-60 Days CD |
| Zoning | RES |
| Architectural Style | Traditional |
| Construction Materials | Vinyl Siding |
| Exclusions | Tenant property |
| Year Built | 1940 |
| Property SubType | Quadruplex |
| Tax Year | 2023 |
| Percent Ownership | Fee Simple |
| Cool Fuel | None |
| Gross Income | 54000.00 |
| OwnerPays | Insurance,Repairs,Pest Control,Sewer,Taxes - Real Estate,Water |
| Accessibility | None |
| County | SALEM |
| Net Operating Income | 38721.00 |
| Operating Expense | 18039.00 |
| Insurance Expense | 2932.00 |
| New Construction | No |
| Property Type | Multi-Family |
| MaintenanceExpense | 3200.00 |
| Garage Y/N | No |
| Water Access Y/N | No |
| Other Structures | Above Grade,Below Grade |
| Status | ACTIVE |
| Directions | Off of Hubble St |
| ModificationTimestamp | 2024-06-06T11:23:06 |
| City | SALEM |
| Buyer Agent Compensation | 2 |
| NumberOfUnitsTotal | 2 |
| MLS Area | Salem City (21713) |
| Lot Size Units | Square Feet |
| Lot Size Square Feet | 5118.00 |
| Tax Assessed Value | 85500.0 |
| Waterfront Y/N | No |
| Number of Units Leased | 4 |
| Street Name | GIBBON |
| Tax Annual Amount | 6721.0 |
| Trash Expense | 0.00 |
| Structure Type | Twin/Semi-Detached |
| Other Units | Unit 1,Unit 2,Unit 4,Unit 3 |
| Price Per Sq Ft Total AG | 125.63 |
| Acceptable Financing | Conventional,Cash,FHA |
| Rent Control Y/N | No |
| Vacation Rental Y/N | No |
| Total SQFT | 2380 |
| Days on Market | 50 |
| Lease Type | Yearly |
| Standard Status | Active |
| Year Built Source | Assessor |
| Tax Lot | 00022 |
| Total Actual Rent | 54000.00 |
| Cap Rate | 12.74 |
| Buyer Agent Compensation Type | % Of Gross |
| Association Recreation Fee | No |
Interior Features
| Heating Fuel | Natural Gas,Oil |
|---|---|
| Basement | Partial,Unfinished |
| Hot Water | Electric |
| Furnished Units | None |
| Basement (Y/N) | Yes |
| Heating Y/N | Yes |
| Fireplace Y/N | No |
| Street Suffix | STREET |
| Central Air Y/N | No |
| LivingAreaSource | Assessor |
| Three Bedroom Units Count | 4 |
Exterior Features
| Pool | No Pool |
|---|---|
| Water Source | Public |
| Type of Parking | On Street |
| Foundation Details | Brick/Mortar,Stone |
| Spa | No |
| Water View Y/N | No |
| Lot Dimensions | 64.00 x 80.00 |
| Lot Size Acres | 0.12 |
| Lot Size Source | Assessor |
| Pool Charge | 0.00 |
| Land Assessed Value | 8800.00 |
| Navigable Water Y/N | No |
| Water Oriented Y/N | No |
| LotDimensionsSource | Assessor |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Multi-Family Average in 08079
Price
Taxes
Visits
Year Built
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