Investment Overview

Marcus & Millichap is excited to bring the property located at 500-504 Cherry Street (Block: 158 Lot:26) to market for sale. The property is a licensed 19-unit rooming house with 18 rooms and 1 super's apartment. The total square footage is approximately 9,353+/- built on a 65'x200' lot measuring 13,000 square feet or 0.38-acres in an R-3A Zone and a flood hazard zone (X), which is not an active flood zone. The rooming house is grandfathered as a legal nonconforming use. Tenants in the building occupy their rooms under annual leases. Heat and hot water are covered by the landlord. The hot water heater and boiler are in the basement of the building. The property is on the southwestern corner of Stiles and Cherry Streets in the desirable Ward 3 of the Elmora Hills section of Elizabeth, Union County, New Jersey. Elmora is highly regarded as on e of the city's premier urban-suburban neighborhoods, characterized by a stable residential community, easy transit access, and close proximity to Warinanco Park. The location provides immediate transit access to major regional corridors including Routes 9, 22, 82, the Garden State Parkway and the New Jersey Turnpike. The property at 500-504 Cherry Street is an incredible investment opportunity based on the immediate upside potential through leasing the 5 units that are currently vacant to reach a NOI of $78,152, Additionally, the property sits on a massive 0.38-acre corner lot, which may be redeveloped into multi-family usage, with the appropriate "D" variances. The size of the lot has the necessary dimensions and size to exceed the minimum requirements based on size, width, setbacks and impervious coverage. 50% LTV Seller Financing will be available to the purchaser.