774 South Main Street

Phillipsburg, NJ 08865

$886,900
Price
12
Beds
5
Baths
1
1/2 Bath
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

Description

$1.05M property is on sale for only $886,900! Fantastic investment opportunity in the heart of Phillipsburg, NJ! This legally recognized 5-unit property offers exceptional value with an impressive 8% cap rate. Situated on a spacious lot on S Main St, the property consists of two buildings on one tax record: one with 3 units and the other with 2 units. All units are currently 100% occupied, with some tenants on Section 8, providing steady rental income. One standout feature is the recently renovated...$1.05M property is on sale for only $886,900! Fantastic investment opportunity in the heart of Phillipsburg, NJ! This legally recognized 5-unit property offers exceptional value with an impressive 8% cap rate. Situated on a spacious lot on S Main St, the property consists of two buildings on one tax record: one with 3 units and the other with 2 units. All units are currently 100% occupied, with some tenants on Section 8, providing steady rental income. One standout feature is the recently renovated unit, which boasts 4 legal bedrooms and a finished attic that can be converted into a 5th bedroom, further enhancing the property's value. This building includes (1) 1bed, (2) 2bed, (1) 3 bed, (1) 4bed units. Tenants cover their own utilities, including water, making for a hassle-free investment. Monthly gross income is $7825, annual gross income is $93,900. Annual property taxes are $13,200 and property insurance is $5500. The property benefits from affordable real estate taxes and has recently been appraised at $1.05M as-is. With potential to increase rents to match market rates, this cash-flowing asset is an ideal opportunity for savvy real estate investors. Don't miss out on this unique chance to own a multifamily gem in a growing area!
  1. Listed by GEORGE E. MIKHAEL • REAL

Property Details for 774 South Main Street

Directions
straight on S Main St it is on main st.
Days On Market
6
LISTING UPDATED: 09/10/2024 07:13 AM

Property Details for 774 South Main Street

StatusActive
MLS #3922112
Days on Market48
Taxes$13,200 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeMulti Family
Year Built-
Lot Size0.23 AC / 10,018 SF
CountyWarren County

Building Information for 774 South Main Street

Stories-Residences4Year Built-Building Size-Lot Size0.23 AC / 10,018 SF

Property Information for 774 South Main Street

Summary
Location and General Information
  • Active Days on Market: 6
  • County #: Warren
  • Town Name: Phillipsburg Town
  • Block Identifier: 2505
  • Listing Type: Exclusive Right to Sell
  • Town #: 3019.0
  • Street # Display: 774.0
  • # Parking Spaces: 0
  • County Or Parish: Warren
  • Street Name: S Main St
  • Zip Code: 08865-3324
  • Total Units: 4
Taxes and HOA Information
  • Assess Total Tax: *
  • Assess Amt Land Tax: *
  • Assess Amt Bldg Tax: *
  • Block ID Tax: *
  • Acres Tax: *
  • County Tax: *
  • Tax Amount: $13,200
  • Street name Tax: *
  • Zip Code Tax: *
  • Street # Tax: *
  • City Tax: *
  • Assessment Total: 291200.0
  • Tax ID For Property: 3019-02505-0000-00024-0000-
  • Tax Rate Amount: $4
  • Tax Rate Tax: *
  • Tax Rate Year: 2023
  • Tax Year: 2023
  • Tax Year Tax: *
  • Lot ID Tax: *
  • Lot Size Tax: *
Parking
  • Parking/Driveway Description: Off-Street Parking
Property
Lot Information
  • Lot Identifier: 24
  • Approximate Lot Size: .235 ACRE
  • Total Acres: 0.23
Property and Assessments
  • Assessment Bldg: 249700.0
  • Assessment Land: 41500.0
  • Farm Assessment: No
Utilities
  • Cooling: Wall A/C Unit(s)
  • Water: Public Water
  • Heating: Radiant - Hot Water
  • Fuel Type: Electric, Gas-Natural
  • Sewer: Public Sewer
Interior and Exterior Features
Exterior Features
  • Exterior Description: Aluminum Siding
Interior Features
  • Roof Description: Asphalt Shingle
  • Basement: Yes
  • Basement Description: Unfinished
  • Easement: No
Multi Family
Unit 1 Information
  • Unit 1 Appl/Equip: Carbon Monoxide Detector, Range/Oven - Gas
  • Unit 1 Baths: 1.0
  • Unit 1 Bedrooms: 1
  • Unit 1 Fireplaces: 0.0
  • Unit 1 Handicap Modified: No
  • Unit 1 Levels: 1.0
  • Unit 1 Owner/Tenant Pays: Tenant Pays Electric, Tenant Pays Gas, Tenant Pays Heat, Tenant Pays Water
  • Unit 1 Rent: 1975.0
  • Unit 1 Room Description: Bedrooms, Dining Room, Eat-In Kitchen, Family Room, Kitchen, Living Room
  • Unit 1 Rooms: 5.0
  • Unit 1 Security Deposit: 0.0
  • Unit 1 Sq Ft: 0.0
Unit 2 Information
  • Unit 2 Appl/Equip: Carbon Monoxide Detector, Range/Oven - Gas
  • Unit 2 Baths: 1.0
  • Unit 2 Bedrooms: 2
  • Unit 2 Fireplaces: 0.0
  • Unit 2 Handicap Modified: No
  • Unit 2 Levels: 2.0
  • Unit 2 Owner/Tenant Pays: Tenant Pays Electric, Tenant Pays Gas, Tenant Pays Heat, Tenant Pays Water
  • Unit 2 Rent: 1300.0
  • Unit 2 Room Description: Attic, Bedrooms, Dining Room, Eat-In Kitchen, Kitchen, Living Room
  • Unit 2 Rooms: 7.0
  • Unit 2 Security Deposit: 685.0
  • Unit 2 Sq Ft: 0.0
Unit 3 Information
  • Unit 3 Appl/Equip: Carbon Monoxide Detector, Range/Oven - Gas
  • Unit 3 Baths: 1.0
  • Unit 3 Bedrooms: 2
  • Unit 3 Fireplaces: 0.0
  • Unit 3 Handicap Modified: No
  • Unit 3 Levels: 3.0
  • Unit 3 Owner/Tenant Pays: Tenant Pays Electric, Tenant Pays Gas, Tenant Pays Heat, Tenant Pays Water
  • Unit 3 Rent: 1550.0
  • Unit 3 Room Description: Attic, Bedrooms, Dining Room, Living Room, Living/Dining Room
  • Unit 3 Rooms: 5.0
  • Unit 3 Security Deposit: 2325.0
  • Unit 3 Sq Ft: 0.0
Unit 4 Information
  • Unit 4 Appl/Equip: Carbon Monoxide Detector, Range/Oven - Gas
  • Unit 4 Baths: 1.5
  • Unit 4 Bedrooms: 4
  • Unit 4 Fireplaces: 0.0
  • Unit 4 Handicap Modified: No
  • Unit 4 Levels: 4.0
  • Unit 4 Owner/Tenant Pays: Tenant Pays Electric, Tenant Pays Gas, Tenant Pays Heat, Tenant Pays Water
  • Unit 4 Rent: 1950.0
  • Unit 4 Room Description: Attic, Bedrooms, Kitchen, Living/Dining Room, Pantry
  • Unit 4 Rooms: 10.0
  • Unit 4 Security Deposit: 2950.0
  • Unit 4 Sq Ft: 0.0
Income & Expenses Information
  • Total Operating Expense: $18,700.00
  • Expenses Include: Insurance, Taxes
  • Net Operating Income: $75,200.00
  • Gross Operating Income: $93,900.00
Rental
Rental Information
  • Home Warranty: false

Property History for 774 South Main Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Schools near 774 South Main Street

This home is within Phillipsburg School District.
Rating
School
Type
Grades
Distance
Public - 3 to 5
Public - 6 to 8
Public - 9 to 12
Public - PK to 1
Rating
School
Distance
Green Street Elementary School
Public3 to 5

Phillipsburg Middle School
Public6 to 8

Phillipsburg High School
Public9 to 12

Phillipsburg Early Child
PublicPK to 1

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Neighborhood Map and Transit

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774 South Main Street is a multi-family home for sale in Phillipsburg, NJ 08865. This property was listed for sale on September 4, 2024 by REAL, it's currently listed at $886,900. This listing's school district is Phillipsburg School District. Nearby schools include Green Street Elementary School, Phillipsburg Middle School and Phillipsburg High School. 774 South Main Street is a 12-bed, 5.5-bath, multi-family home.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of REAL, GEORGE E. MIKHAEL

The data relating to the real estate for sale on this website comes in part from the Internet Data Exchange Program of the NJMLS. Real estate listings held by brokerage firms other than (insert office name) aremarked with the Internet Data Exchange logo and information about them includes the name of the listing brokers. Some properties listed with the participating brokers do not appear on this website at the request of the seller. Listings of brokers that do not participate in Internet Data Exchange do not appear on this website. All information deemed reliable but not guaranteed. Last date updated: 10/22/2024 09:39 AM. Source: New Jersey Multiple Listing Service, Inc. © 2024 New Jersey Multiple Listing Service, Inc. All rights. The data relating to the real estate for sale and sold listing information on this website comes from the New Jersey Multiple Listing Service, Inc. Virtual Office Website (VOW) program. This website may not include listings or property addresses of sellers who have directed their listing brokers to withhold their listing or their property address from display on the Internet. Sold listings may have been listed and/or sold by a real estate brokerage other than (insert office name). All information deemed reliable but not guaranteed. NLMLS makes no representation or warranty regarding the accuracy of the data. This data and information is protected under federal copyright laws which prohibit the unauthorized copying or alternation of all or any part of copyrighted materials, including certain compilations of data and information. Copyright violators may be subject to severe fines and penalties under federal law. Source: New Jersey Multiple Listing Service Inc. Last date updated: 10/22/2024 09:39 AM © 2024 New Jersey Multiple Listing Service Inc. All rights reserved.