51 Central Avenue
VALUE ADD BUILDING- MIXED USE INVESTMENT.
Marketing description
Property Consists of two ground floor retail spaces approx 1,140 sqft, each. Six second floor professional office suites, each with its own half bathroom.office suites range is size starting at approx 176sqft to 505 sqft and can be combined to create larger professional suites.
Tota Sqft in total approx 6,080
0.06 Acre
Investment highlights
Positioned in the heart of Passaic's thriving commercial corridor.
8 unit income mixed- use investment presents an exceptional opportunity to acquire a well maintained commercial asset with upside potential. Property enjoys outstanding visibility, heavy pedestrian traffic and excellent vehicle exposure, making it ideal for investors seeking long-term appreciation and increased cash flow.
BOTH retail spaces 1,140 sqft- current lease contracts expire 8/26 bringing new tenants to pay at current market value
(currently paying $23.50psf) bringing new lessees to pay Current market value in area $35+
6 Office spaces on 2nd floor One currently rented at market value 5 other office suites each with own half bathroom available -sqft can be combined.
if all units are fully rented at current market value monthly & annual gross rent would be approx- PRO FORMA- $12+k Month- $143+YR Expenses Apprx -$38K-YR Pro Forma Cap rate at market value 8.15%
Motivated Seller
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