722 W Side Avenue
Property Description
Mixed-Use Investment Opportunity - Fully Occupied Pizzeria Building with Significant Upside Excellent opportunity to acquire a well-maintained mixed-use building featuring one established retail space and two large residential apartments in a strong rental market. The ground-floor retail unit is occupied by a successful pizzeria generating $3,600 per month with 3% annual rent increases, while contributing 70% of the building's water expense, providing stable and growing income. The residential portion consists of two spacious 3-bedroom, 1-bath apartments. One unit has been recently renovated and is currently vacant, offering immediate leasing potential with projected rent of $2,500+ per month. The second apartment is currently rented at $1,584 per month with an estimated market rent of approximately $2,700 per month, creating substantial value-add potential for investors. The property has seen numerous improvements, including upgraded electrical service, a renovated bathroom, and updated residential finishes. The building is connected to a central fire and safety monitoring system and features three separate utility meters. Heat is currently paid by the landlord. With strong in-place income, an established commercial tenant, and significant rental upside in the residential units, this property offers investors the opportunity to increase cash flow and maximize returns over time. Property Highlights Mixed-use building with 1 commercial unit and 2 residential units Established pizzeria tenant paying $3,600/month 3% annual commercial rent escalations Commercial tenant pays 70% of water expense Two spacious 3-bedroom, 1-bath apartments One renovated vacant unit ready for lease Significant rental upside in residential units Upgraded electrical service Renovated bathroom and updated residential finishes Central fire and safety monitoring system Three separate utility meters Strong value-add investment opportunity Actual income is $91,000 per year with value add to $103,000+ A rare chance to own a cash-flowing mixed-use asset with a stable commercial tenant, renovated residential units, and substantial upside potential for increased income and long-term appreciation.Broker Details
Rimos International Inc DBA Re/Max Central (732) 972-1000
MLS ID: 35758
Key Property Information
| Listing Status: | Pending Sale |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | 2-4 Units |
| Price: | $899,900 |
| No. of Units: | 3 |
| Lot Size: | 4,400.00 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $299,967 |
| Property Website | Click Here |
| Number of Bedrooms: | 6 |
| Number of Bathrooms: | 1 |
ID: 3yd-MOMLSNJ-22616449
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