5+ Mixed Use For Sale in Elmwood Park, NJ
MLS# : 26005110
PROPERTY DETAILS
PROPERTY DESCRIPTION
Unique investment opportunity in North Jersey delivering immediate cash flow. This state-licensed 8-unit boarding house generates approximately $7,200 per month in gross rental income with month-to-month leases in place. Average tenant stay is about one year, with several long-term residents providing added stability. Each room is furnished with a bed, dresser, TV, and window A/C. Common areas are fully equipped with essential cooking and cleaning supplies. The property features two shared kitchens and two shared bathrooms (one per floor), plus a top-floor studio with a private half bath. Two car detached garage. High-yield asset producing ~$7,205/mo ($86,460/yr) in gross revenue (rooms + parking). Current NOI approximately $60,045/year (~9.24% cap at ask) with meaningful upside via modest rent optimization (pro forma cap ~9.87% at $900/room). Month-to-month occupancy model with established screening process and optional full-service management available. Key updates include new roof/chimney (2022), boiler (2020), and security cameras (2024), plus ongoing interior improvements. Buyer to verify all financials and licensing requirements.
Amenities
This listing is a courtesy of United Real Estate
888-501-6953 office, listing agent Burak Brian Bilgec
About Elmwood Park, NJ Real Estate Market
The story of the formation of Elmwood Park goes back to the year 1916 when the residents of Dundee Lake voted for the separation of the borough of East Paterson from the Saddle River Township. After a few decades, in 1973, the town was renamed, Elmwood Park.
While most of the town remains closed on Sundays due to strict blue laws, Elmwood Park has several places of interest, making it one of the liveliest boroughs to live. While the Van Houten-Hillman House is one of the most historical places in the town, The House of Loud is a recording studio graced by hardcore bands of the country in the past.
In addition to these buildings, Elmwood Park also has Artesian Field County Park, which includes athletic fields, a walking path, a lake beach and a small zoo. Another place of interest is a bowling alley called Parkway Lanes, located between Garden State Parkway and Route 46. You can find a suitable home meeting your preferences by contacting New Jersey real estate agents for this place.
| Population: | 19,403 |
| Total Housing Units: | 7,385 |
| Single Family Homes: | 4,772 |
| General Tax Rate (2023): | 2.991% |
| Effective Tax Rate (2023): | 2.229% |
| Compare To Other Towns |
Elmwood Park Market Indicators
PRICE INDEX
| Average Price* (12mo): | $599,468 |
| Homes Sold* (12mo): | 66 |
SINGLE FAMILY HOME SALES
Elmwood Park, NJ
REAL ESTATE TAXES
| General Tax Rate (2023): | 2.991% |
| Effective Tax Rate (2023): | 2.229% |
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MADISON ADAMSTM
Ridgewood, NJ 07450
201-760-1100 (office)
201-760-1102 (fax)
