36
See all 36 photos
$1,319,000
Est. payment /mo
5,141 SqFt
Active
59 Railroad Ave Washington Boro, NJ 07882
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,141 sqft
Price per Sqft $256
MLS Listing ID 4043878
Year Built 1925
Annual Tax Amount $19,984
Tax Year 2025
Lot Size 10,454 Sqft
Property Description
Value-add 6-unit multifamily with a clear, validated path to continue growing NOI while delivering the immediate cash flow and stability of a core-plus investment at a 7.27% cap rate on current financials. Since listing in August, storage lease-up and lease renewals have lifted NOI from about $93,000 to $95,900 (7.05% to 7.27% cap rate at the same price, despite higher expenses) at 100% occupancy. The property generates more than $135,000 in annual gross income from 6 apartments, 3 garages and 5 storage units in a detached building, all leased. Current apartment and ancillary rents remain below market, providing approximately $8,880 of additional annual income before any further unit renovations. Additional upside remains through completion of a renovation program already executed within the same property and 7 new storage units in unused basement space. Ownership has invested over $225,000 in capital improvements since 2023, completing renovations across 4 units while addressing major capex items and deferred maintenance throughout. The remaining scope is limited to 2 partially updated units, giving buyers a clearly defined renovation strategy proven by higher achieved rents on site. Environmental items have been proactively addressed, rigorous screening has produced a stable tenant base, and established management systems support an efficient transition. Located about 60 minutes from NYC with convenient access to Routes 57, 31 and I-78, within walking distance of downtown.
Location
State NJ
County Warren
Zoning R3
Rooms
Basement French Drain, Full, Slab, Unfinished
Interior
Heating Electric, Gas-Natural
Cooling Window A/C(s)
Flooring Carpeting, Tile, Vinyl-Linoleum, Wood
Equipment Appliances, Fire Alarm, Fixtures, Smoke Detector, Storage Area(s)
Heat Source Electric, Gas-Natural
Exterior
Exterior Feature Vinyl Siding
Garage Spaces 11.0
Utilities Available Electric, Gas-Natural
Roof Type Asphalt Shingle, Rubberized
Garage No
Building
Lot Description Corner, Level Lot
Story 3
Sewer Public Sewer
Water Public Water
Others
Ownership Fee Simple
Information deemed reliable but not guaranteed. Copyright © 2026 Garden State Multiple Listing Service, L.L.C. All rights reserved.
Listed by NJ REALTY SYSTEMS LLC.
Nearby Locations
GET MORE INFORMATION