About 117-119 N 3rd Avenue
Welcome to your next cash-flowing asset in the heart of Highland Park! This fully leased 4-unit apartment building offers strong in-place income with upside potential perfect for a savvy investor or an owner-occupant looking to house hack. The property features a balanced mix of *two 2-bedroom/1-bath units* and *two 3-bedroom/1-bath units*, with one of the 3-bedroom units recently renovated and commanding $450 more in monthly rent than its unrenovated counterpart - offering a clear value-add pathway. $84,000 Net Operating Income. Offered at a 6.25% in-place CAP rate with Pro Forma to 7.25% with light renovations. All leases in place through July 2026. Recent upgrades include a full conversion to gas, a brand-new ultra-efficient gas boiler, and a new main waterline, offering peace of mind and reduced operating expenses for years to come. This property has enjoyed zero vacancy and consistent rental demand year after year. Its prime location near Rutgers University and New Brunswick makes it highly attractive to qualified tenants, including academics, graduate students, and medical professionals. Units rent quickly and easily with minimal turnover. Whether you're an investor seeking strong returns or an owner-occupant looking to offset your mortgage, this is a rare opportunity to own a fully leased, income-producing asset in a high-demand rental market. Schedule a showing today!
Features of 117-119 N 3rd Avenue
| MLS® # | 2601905R |
|---|---|
| Price | $1,350,000 |
| Square Footage | 4,208 |
| Year Built | 1926 |
| Type | Residential Income |
| Sub-Type | 4 Family |
| Status | Under Contract |
Community Information
| Address | 117-119 N 3rd Avenue |
|---|---|
| City | Highland Park |
| County | Middlesex |
| State | NJ |
| Zip Code | 08904 |
Amenities
| Utilities | Electricity Connected, Natural Gas Connected |
|---|---|
| Parking | On Street |
| Is Waterfront | No |
| Has Pool | No |
Interior
| Interior Features | Unit 1(2 Bedrooms,Kitchen,1 Bath), Unit 2(3 Bedrooms,Kitchen,1 Bath,Living Room), Unit 3(2 Bedrooms,Kitchen,1 Bath,Living Room), Unit 4(3 Bedrooms,Kitchen,1 Bath,Living Room) |
|---|---|
| Appliances | Water Heater(Gas), Water Heater, Unit 1(Range/Oven,Refrigerator), Unit 2(Range/Oven,Refrigerator), Unit 3(Range/Oven,Refrigerator), Unit 4(Range/Oven,Refrigerator) |
| Cooling | A/C Wall Unit(s),A/C Window Unit(s) |
| Fireplace | No |
| # of Stories | 2 |
| Has Basement | Yes |
| Basement | Partial, Laundry Facilities |
Exterior
| Exterior Features | Porch(es) - Open |
|---|---|
| Lot Description | Near Train, Level |
Additional Information
| Days on Market | 59 |
|---|
Listing Details
| Office | REAL |
|---|