🏡 2 Family with a bonus | Elizabeth NJ | 🛠 Potential Subdivision Opportunity 🏗

Explore the potential of this 2 family in Elizabeth, NJ. This property is a legal 2-family residence, with a bonus unit. Spanning 1,770 sqft, it features 5 bedrooms and 4 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

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

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

Unit 2 - 3 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

ASKING: $550K

SOLD COMPS

501 - 503 Niles street, Elizabeth, NJ 07202 - SOLD $730K

3 Bed/2 Bath, 1,844 sqft

810 - 812 Summer Street, Elizabeth, NJ 07202 - SOLD $680K

1,748 sqft

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