428-434 W Grand Avenue Active Save Request In-Person Tour Request Virtual Tour
Rahway City,NJ 07065
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 7,439 sqft
Price per Sqft $241
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
Portfolio sale includes 428-434 W Grand Avenue & 1689 Oliver Street in Rahway, NJ. 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. Please note that equipment is not included in the sale of the restaurant space. 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