NJ > Rahway City
Rahway City, NJ 07065,428-434 W Grand Avenue
Rahway City, NJ 07065,428-434 W Grand Avenue
Rahway City, NJ 07065,428-434 W Grand Avenue
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Niraj Parikh

Niraj Parikh

+1(848) 565-5006
$1,650,000
Est. payment /mo
7,439 SqFt
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UPDATED:

Key Details

Property Type Commercial

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

Square Footage 7,439 sqft

Price per Sqft $221

MLS Listing ID 3948881

Year Built 1890

Annual Tax Amount $20,545

Tax Year 2024

Lot Size 0.270 Acres

Property Sub-Type Mixed Use

Property Description

PRICE REDUCED, INCREASED CAP RATE ! 428-434 W Grand Avenue & 1689 Oliver Street in Rahway, NJ are two separate properties which may be sold separately. The property at 428-434 W Grand Ave includes both apartment rentals and storefronts. On the second floor, there are three apartment units: Unit 428, a 1-bedroom unit renting for $1,075 per month; Unit 430, a 3-bedroom unit available on a month-to-month lease for $1,800 per month and Unit 434, an owner-occupied 1-bedroom unit with an estimated rental value of $1,200 per month. The first floor features two storefronts: Unit 428, a 300-square-foot space currently leased to a skincare business at $755 per month on a month-to-month basis, and Unit 434, a vacant restaurant space with a kitchen. The former tenant of Unit 434 was paying $2,000 per month, with the new estimated rental rate set at $2,500 per month. Restaurant equipment is included in the sale. The property at 1689 Oliver St is a fully occupied two-unit building situated on a 0.1327-acre lot. The first-floor unit, a 1-bedroom apartment, is rented for $1,336 per month with a lease through September 2025. The second-floor unit, also a 1-bedroom, is rented for $1,400 per month on a month-to-month lease. The landlord covers the heating costs for both units, which amounts to $900 per year, as there is a single furnace servicing both apartments. The total rental income for the property is $2,736 per month, or $32,832 annually.

Location

State NJ

County Union

Zoning B-1

Interior

Heating Electric, Gas-Natural

Cooling 4+ Units

Equipment See Remarks

Heat Source Electric, Gas-Natural

Exterior

Exterior Feature See Remarks

Utilities Available Electric, Gas-Natural

Roof Type See Remarks

Building

Story 2

Sewer Public Sewer

Water Public Water

Others

Ownership Fee Simple

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+1(848) 565-5006

parikhrealty@gmail.com

New Jersey, United States

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