59 Railroad Ave, Washington Boro, NJ 07882
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59 Railroad Ave, Washington Boro, NJ 07882
59 Railroad Ave, Washington Boro, NJ 07882
59 Railroad Ave, Washington Boro, NJ 07882
59 Railroad Ave, Washington Boro, NJ 07882
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Eric DeSilva

Eric DeSilva

+1(973) 542-9302
$ 1,319,000
Est. payment /mo
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59 Railroad Ave Washington Boro, NJ 07882

5,141 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 5,141 sqft

Price per Sqft $256

MLS Listing ID 4043878

Year Built 1925

Annual Tax Amount $19,984

Tax Year 2025

Lot Size 10,454 Sqft

Property Description

Value-add 6-unit multifamily with a clear, validated path to continue growing NOI while delivering the immediate cash flow and stability of a core-plus investment at a 7.27% cap rate on current financials. Since listing in August, storage lease-up and lease renewals have lifted NOI from about $93,000 to $95,900 (7.05% to 7.27% cap rate at the same price, despite higher expenses) at 100% occupancy. The property generates more than $135,000 in annual gross income from 6 apartments, 3 garages and 5 storage units in a detached building, all leased. Current apartment and ancillary rents remain below market, providing approximately $8,880 of additional annual income before any further unit renovations. Additional upside remains through completion of a renovation program already executed within the same property and 7 new storage units in unused basement space. Ownership has invested over $225,000 in capital improvements since 2023, completing renovations across 4 units while addressing major capex items and deferred maintenance throughout. The remaining scope is limited to 2 partially updated units, giving buyers a clearly defined renovation strategy proven by higher achieved rents on site. Environmental items have been proactively addressed, rigorous screening has produced a stable tenant base, and established management systems support an efficient transition. Located about 60 minutes from NYC with convenient access to Routes 57, 31 and I-78, within walking distance of downtown.

Location

State NJ

County Warren

Zoning R3

Rooms

Basement French Drain, Full, Slab, Unfinished

Interior

Heating Electric, Gas-Natural

Cooling Window A/C(s)

Flooring Carpeting, Tile, Vinyl-Linoleum, Wood

Equipment Appliances, Fire Alarm, Fixtures, Smoke Detector, Storage Area(s)

Heat Source Electric, Gas-Natural

Exterior

Exterior Feature Vinyl Siding

Garage Spaces 11.0

Utilities Available Electric, Gas-Natural

Roof Type Asphalt Shingle, Rubberized

Garage No

Building

Lot Description Corner, Level Lot

Story 3

Sewer Public Sewer

Water Public Water

Others

Ownership Fee Simple

Garden State MLS(GSMLS)
Information deemed reliable but not guaranteed. Copyright © 2026 Garden State Multiple Listing Service, L.L.C. All rights reserved.
Listed by NJ REALTY SYSTEMS LLC.

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