Marcus & Millichap is pleased to exclusively offer for sale 8-unit multifamily buildings located on North Main Street in Phillipsburg, Warren County, New Jersey. Situated in the heart of town in the Union Square section of the downtown historic district, the two buildings are located on the Delaware River Water Front overlooking the Northampton Street Bridge (Free Bridge) & Easton-Phillipsburg Toll Bridge. There are 5- two bedroom/two bath units, 2- one bedroom/one bath units and 1 studio unit. The tenants pay for their own utility expenses and maintain their portion of the exterior. The tenants pay for their own utility expenses and maintain their portion of the exterior. Many updates and renovation were recently done to the building including, but not limited to, completely new plumbing system, painting of interior and exterior, hardwood/tile floors, bathrooms, and water heater. All units have a gas fireplace with electric heating. There is on-street and off-street packing available. The roof is approximately 10 years old. An investor can benefit from the upside in below market rents by purchasing a stabilized multifamily asset in the surging Lehigh Valley region.
Phillipsburg is located in Warren County, New Jersey. There are over 80,000+ people located within three miles of the subject property. The average income in the area exceeds $77,000. There are approximately 16,000+ vehicles per day that pass by the nearest intersection. The area is seeing tremendous growth with development of over 3.8 million square feet of warehouse/industrial space within a couple of miles. Additionally, Phillipsburg is part of the Urban Enterprise Zone (UEZ) which attracts developers due to its financial and tax incentives. The UEZ allows developers to avoid paying capital gains taxes on properties they own, up to 10 years.
The asking price of $450,000 represents an 8.19% Cap Rate or a 14.53% Cash-on-Cash return.
