350 - 360 Concord Ave, EWING, NJ 08618
Local realty services provided by:Better Homes and Gardens Real Estate Valley Partners
350 - 360 Concord Ave,EWING, NJ 08618
$2,200,000
- 6 Beds
- - Baths
- 13,440 sq. ft.
- Multi-family
- Pending
Listed by:timothy christopher crew
Office:bhhs fox & roach - princeton
MLS#:NJME2060682
Source:BRIGHTMLS
Price summary
- Price:$2,200,000
- Price per sq. ft.:$163.69
About this home
Presenting a rare investment opportunity: five detached multifamily buildings, each located on the same street in Ewing, NJ. Each building features four units—two spacious 2-bedroom, 1-bath apartments and two comfortable 1-bedroom, 1-bath apartments—totaling 20 units across the portfolio.
Property Highlights:
Unit Mix: Each building offers 2 × 2BR/1BA and 2 × 1BR/1BA units, for a total of 10 two-bedroom and 10 one-bedroom units.
Configuration: All five buildings are detached and situated on a single street, maximizing curb appeal and operational efficiency.
Current Income: The portfolio generates a gross scheduled rent of $270,264 and a collected rent of $251,000 annually, with a Net Operating Income (NOI) of approximately $169,234 after projected renovations.
Cap Rate: At the $2,200,000 asking price and projected NOI, the cap rate is approximately 7.7% for a cash purchaser.
Value-Add Upside:
Unlock the property’s full potential by investing approximately $300,000 in targeted renovations:
Interior Upgrades: Install vinyl plank flooring, granite countertops, stainless steel appliances, fresh paint, new vanities, and updated flooring and tile work in each bathroom.
Building Enhancements: Add a chain-link fence for secure basement storage for each building, washer and dryer installations in the basement, and exterior security cameras for peace of mind.
Amenities: Construct a vestibule outside each building for secure package delivery, and pave the driveway to create two new parking spaces in the front and two in the rear of each building.
Section 8 Potential: These improvements will significantly increase the property’s appeal and rental income, especially for Section 8 tenants, where the enhanced amenities and finishes are expected to command higher allowable rents.
Seller Financing Available:
Flexible seller financing terms are offered to qualified buyers:
Down Payment: $1,200,000 cash
Seller Financing: $1,000,000 at a competitive 3% interest rate, amortized over 30 years, with a 5-year balloon period
Investment Summary:
Asking Price: $2,200,000
Gross Scheduled Rent: $270,264
Net Operating Income (Pro Forma): $169,234 (post-renovation)
Cap Rate: 7.7% (cash purchase, post-renovation)
Seller Financing: $1,000,000 at 3% interest, 5-year balloon
This is a unique opportunity to acquire a well-located, high-upside multifamily portfolio with significant value-add potential and attractive seller financing. Contact us today for a full financial package and to schedule a tour.
Contact an agent
Home facts
- Year built:1938
- Listing ID #:NJME2060682
- Added:89 day(s) ago
- Updated:September 16, 2025 at 07:26 AM
Rooms and interior
- Bedrooms:6
- Living area:13,440 sq. ft.
Heating and cooling
- Cooling:Window Unit(s)
- Heating:Forced Air, Natural Gas
Structure and exterior
- Roof:Shingle
- Year built:1938
- Building area:13,440 sq. ft.
Utilities
- Water:Public
- Sewer:Public Sewer
Finances and disclosures
- Price:$2,200,000
- Price per sq. ft.:$163.69
- Tax amount:$38,506 (2023)
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