Listed by Sitar Realty Company Iselin
$2,800,000
388-398 Union Street
Details
Property Type Multifamily
Sub Type Apartment Building, Low-Rise/Garden
Square Footage 9,480
Units 12
Cap Rate 6.01%
NOI $168,140
Occupancy 100%
Price per SqFt $295
Year Built 1968
Acreage 0.320
Investment Type Value Add
Multifamily | 12 Units | $233,333/unit
Marketing description
Attractive, fully leased ±9,478 SF brick-faced apartment building situated on ±0.32 acres. Property features 12 well-maintained residential units.
Centrally located in Rahway and close to major highways, including Routes 1, 9, 27, the Garden State Parkway and less than a 1/2 mile to the Rahway Train Station and performing arts district. Within walking distance of shopping and Rahway River Park. Rahway offers various attractions like the Union County Performing Arts Center, the Rahway Public Library, and numerous art galleries and restaurants.
Investment highlights
- Building consists of twelve ±790 SF one bedroom, one bathroom apartments
- New appliances
- Most apartments renovated with new bathrooms, kitchens and granite countertops
- Recent renovations make upgraded units easy to turn over
- All units have both a front entrance and rear terrace
- Laundry facility and individual storage spaces on premise
- Newly paved parking lot
- Quiet neighborhood with onsite and offsite parking
- Tenants pay all utilities, except for water
- Property tax $35,404 (2025)
- Owners are NJ Licensed Real Estate Brokers
Listing Contacts
Listed by Sitar Realty Company Iselin
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$168,140.48
$14,011.71/mo
Valuation Metrics
0
DSCR
6.01%
Cap Rate
6.01%
ROI
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