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Joe@DreamHomeKing.com

2-FAMILY HOUSE FOR SALE IN NEWARK - 138-140 SMITH ST NEWARK, NJ 07106 - Fully Rented $36k/yr income

Buy This 2-Family House Fast & Easy

Asking $495,000

Current Status: Available

Showings will only be on Saturday's between 2pm and 4pm. You must schedule the showing at least 12 hours beforehand.

138-140 Smith St, Newark, NJ 07106

Two-Family House in the Vailsburg section of Newark

Unit #1: 2 bed, 1 bath

 - Rented on a month to month lease

Unit #2: 2 bed, 2 bath

 - Fully renovated in 2022

 - Rented on a 1-year lease

Each unit has separate gas and electric meters

Utilities paid by owner: water & sewer

Garage: none

Basement: unfinished

Lot Size: 49.6’ x 98.11’

Lot Sq Ft = 4,865.65

Lot Acres: 0.11

Building Sq Ft: 1,734

Year Built: 1910

Heating: natural gas

Cooling: none

Note: this property has 2 lots with plenty of off street parking. Have architectural drawing to submit to zoning board of Newark to get variance to build a 2-family house on 2nd lot. Architectural drawing included with sale of property (value $5k)

Buy this lovely 2-family house in the Vailsburg section of Newark.

Both units are currently rented which makes it great as an investment property. It is generating $36,000 per year in gross income.

The first floor unit is in good shape.

The second floor unit has been fully renovated in 2022. It has a new kitchen, 2 new bathrooms, new furnace, new electrical and plumbing, new flooring and more.

The property consists of 2 lots and may be able to split the lots to build another house with a variance from the City of Newark. We already have an architects drawing for a new 2-family house on the second lot. Just need to go before the zoning board to get approval for the variance.

The big lot allows for plenty of off-street parking and may even be able to rent parking spaces out to make more cash-flow.

There is no Central A/C in either unit.

There are no onsite laundry facilities but a washer and dryer can be added easily in the basement.

The basement is unfinished and has the furnace for the first floor unit, 2 separate water heaters, 2 separate gas meters and 2 separate electric meters.

The basement is accessed from the exterior door in the back of the house. The first floor unit also has an interior door to access the basement from inside the house.

The house is close to South Orange Ave and Garden State Parkway. Newark downtown is less than 30 minutes. Irvington downtown is less than 20 minutes. Easy access to shopping and public transportation.

The public schools in the area are Lincoln Elementary School for Pre-K to 8th grade; Newark Vocational High School for 9th to 12th grades or Newark Early College High School for 6th to 12th grades. There is also a private school nearby named Vailsburg Christian Academy for grades 1 to 4.

See the School Ratings here...

Details of the 1st floor unit:

The lease is a month to month lease with a Section 8 tenant. The lease includes  1 off-street parking space in the backyard.

The apartment has 2 bedrooms and 1 full bathroom.

The apartment is older but is in good shape.

Details of the 2nd floor unit:

The lease for this unit is a 1-year lease that includes 1 off-street parking space in the backyard. 

The apartment has a master bedroom with private full bathroom. A second bedroom and full bathroom in the hallway, kitchen with pantry, breakfast nook and living room. 4 rooms total in the 2nd floor apartment.

The kitchen has all new stainless-steel appliances including refrigerator, gas oven, microwave oven and dishwasher.

There is a shared staircase to get to the 2nd floor apartment. 

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