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Multifamily Residential Offering, 22-23 Sherman Ct., Bloomfield NJ

Multifamily Residential Offering, 22-23 Sherman Ct., Bloomfield NJ
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Property Summary

Property Specifics
Multifamily Residential

Offering Price               $325,000
County                                  Essex
Block / Lot                        105 / 47
Number of Units                         4

Square Feet                        2,880.0

Investment Highlights

  • Bank Owned Property
  • Tenant Pays Own Gas/Heat
  • Great for Owner Occupied or Investor

Location Highlights

  • Strong rental base and significantly low vacancy rates
  • Public Transportation Access Within Blocks and Close Proximity to GSP
  • Minutes from Garden State Parkway

Property Highlights

  • Two 2-Story Duplex Side by Side Units
  • Building Requires Extremely Modest Repairs Since Renovation

MLS Information

  • Garden State MLS# 2707373

Financial Summary

Purchase Price                        $325,000
Down Payment 15.0%             $48,750
Loan Amount                        $276,250
Interest Rate @ 6.500%      for 30 Years

Loan Payment                        $1,746.09

Operating Proforma

Gross Potential Income           $42,600
Less Vacancy 5.0%                    $2,130
Eff. Gross Income                  $40,470

Expenses

Real Estate Taxes                     $10,788
Insurance                                  $1,600
Utilities                                     $1,800
Sewer & Water                          $1,500
Maintenance                                $750
Superintendent                          $1,800

Total Expenses (45.07%) of EGI          $18,238

Net Operating Income          $22,232

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