$550,000

Explore the potential of this 3 family in Elizabeth, NJ. This property was originally a legal 2-family residence, now a 3-family home. Spanning 1,770 sqft, it features 5 bedrooms and 2 bathrooms. This investment also has subdivision potential, offering a unique opportunity for long-term growth and expansion in Elizabeth’s rental market.

Property Highlights

3 Units Fully Occupied

Unit 1 – Basement- 1 Bed/1Bath Monthly Rent $750 (market rent $1000)

Unit 2 – 2 Beds /1 Bath Monthly Rent $1500 (market rent $2000)

Unit 3- 2 Beds/1 Bath Unit Monthly Rent $2500

Lot in back of property also being rented for $50 monthly, Could possibly go up in rent

Total Monthly Income as-is $4800

Possible market rent increase total $5500 – $5700

Utilities

Water: $400 every 3 months

Gas: $200 per month

Electric: $100 per month