4 Beds
3 Baths
1,524 SqFt
4 Beds
3 Baths
1,524 SqFt
Key Details
Property Type Multi-Family
Sub Type Three Family
Listing Status Active
Purchase Type For Sale
Square Footage 1,524 sqft
Price per Sqft $380
Municipality Keansburg (KEA)
MLS Listing ID 22530407
Bedrooms 4
Full Baths 3
Year Built 1928
Annual Tax Amount $7,542
Tax Year 2024
Lot Size 5,662 Sqft
Acres 0.13
Lot Dimensions 58 x 100
Property Sub-Type Three Family
Source MOREMLS (Monmouth Ocean Regional REALTORS®)
Property Description
WALK TO THE BEACH FROM THIS UPDATED 3-FAMILY WITH VACANT UNIT, PRICED AT $579,900!
A perfect opportunity for investors and owner-occupants, this well-maintained 3-family home is located just a few blocks from the beach in ascending Keansburg. Featuring immediate cash flow and substantial future income growth potential, this property is a must-see. The added perk of free preschool for Keansburg residents makes this an even more attractive location for families, expanding your pool of prospective tenants or buyers. The 1,524 sq ft house is situated on a spacious 5,800 sq ft lot and boasts fresh curb appeal, with a newly painted exterior, shutters, and a replanted front garden with fresh mulch.
Exceptional Investment Potential:
Strong Initial Cap Rate: The property delivers a solid current Net Operating Income (NOI), translating to an attractive Cap Rate based on the listing price of $579,900.
Excellent Pro Forma Potential: Maximize your return by bringing the below-market rents up to current market rates. With market-rate rents in all units, the pro forma NOI is projected to significantly increase, pushing the pro forma Cap Rate to an impressive figure.
Unit Details:
Unit 3 (Vacant and Fully Renovated): This 2-bedroom, 1-bathroom unit is the star of the property, ready for a new tenant at a market-leading rent. It features a newly repainted interior, brand-new carpet, and an updated kitchen with a new gas range, sink, and countertop. The bathroom is completely modernized with new fixtures, mirror, toilet, and new wall and floor tiles.
Unit 1 (Occupied): A 1-bedroom, 1-bathroom unit with newly installed carpet, offering a reliable income stream.
Unit 2 (Occupied): A functional studio with a kitchen and bathroom that adds to the property's stable cash flow.
Features to Note:
Tenant-Friendly Setup: Each unit has separate electric and gas meters, simplifying management and reducing owner-related utility costs.
Prime Location: Tenants will enjoy the lifestyle benefits of being just a short stroll from the beach and having easy access to nearby bus stops with routes to the city.
Don't miss this opportunity to acquire a turnkey investment with immediate cash flow and compelling upside. This property's attractive financials and recent updates make it an excellent choice for a savvy buyer.
Location
State NJ
County Monmouth
Area None
Direction Dead end street off of Oakwood. Also off of Center.
Rooms
Basement Crawl Space, Full
Interior
Interior Features Attic, Attic - Pull Down Strs, Locked Storage
Heating Baseboard
Cooling Other
Exterior
Exterior Feature Storm Window, Lighting
Parking Features Off Street, None, Unpaved
Utilities Available Wired for Cable
Roof Type Shingle
Porch Patio
Garage No
Private Pool No
Building
Lot Description Level
Sewer Public Sewer
Water Public
Structure Type Storm Window,Lighting
New Construction No
Others
Senior Community No
Tax ID 23-00062-0000-00017
