671 Midland Ave
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671 Midland Ave
25 Unit Block of Flats £5,098,665 (£203,947/Unit) 5.94% Net Initial Yield Garfield, NJ 07026
Investment Highlights
- Select units have been remodeled to include washer/dryer in unit and split AC
- Tons of upgrades - roof, hot water heaters, electrical boxes, front and back deck, gym, and more!
- 7 units have been completely remodeled
- Across the street from train station
- Fire alarm up to code
- Coin-Op laundry in basement adds extra income
Executive Summary
Large apartment complex featuring 25 one-bedroom units (975 sq ft each) on two stories with storage possibilities in basement. Properties includes a large parking lot for 26 cars to accommodate tenants and guests, as well as newly added lighting to the lot. The property has seen several recent upgrades - new paint to the walls and doors and new flooring with washer/dryer and AC split systems in select units, new gym, front and back decks, laundry room (coin operated adds extra income) and bathroom in basement, new roof (3 years old), new electrical boxes, hot water heaters, and fire alarm up to code. Entry and All units are metered separately. Tenants pay all utilities. Located right across from train station and bus stops allowing quick and efficient travel locally within New Jersey and other major cities such as New York and Pennsylvania. This property is the perfect value-add opportunity for savvy investors!
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | £5,098,665 | Apartment Style | Low Rise |
| Price Per Unit | £203,947 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.60 AC |
| Net Initial Yield | 5.94% | Building Size | 22,067 SF |
| No. Units | 25 | Number of Floors | 2 |
| Property Type | Residential | Year Built/Renovated | 1985/2023 |
| Property Subtype | Apartment | Parking Ratio | 1.18/1,000 SF |
| Price | £5,098,665 |
| Price Per Unit | £203,947 |
| Sale Type | Investment |
| Net Initial Yield | 5.94% |
| No. Units | 25 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.60 AC |
| Building Size | 22,067 SF |
| Number of Floors | 2 |
| Year Built/Renovated | 1985/2023 |
| Parking Ratio | 1.18/1,000 SF |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
1 of 1
Walk Score ®
Very Walkable (79)
PROPERTY TAXES
| Parcel Number | 21-00170-01-00075 | Total Assessment | £1,612,904 (2024) |
| Land Assessment | £658,904 (2024) | Annual Taxes | -£1 (£0.00/sf) |
| Improvements Assessment | £953,999 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
21-00170-01-00075
Land Assessment
£658,904 (2024)
Improvements Assessment
£953,999 (2024)
Total Assessment
£1,612,904 (2024)
Annual Taxes
-£1 (£0.00/sf)
Tax Year
2023
zoning
| Zoning Code | 22 |
| 22 |
-
Halina Strzepek -
Exp Realty, Llc - Saddle Brook
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671 Midland Ave
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