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$974,999 / 6br - MORRISTOWN Duplex Multi Family extra parking and bonus rental unit (Morristown)
37 Garden St, Morristown, NJ 07960
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Scammers take note: ONLY CONTACT ME IF YOU ARE FULLY QUALIFIED TO PURCHASE PLUS YOU MUST HAVE AN ATTORNEY, TITLE COMPANY REP, RE Agent or BANK WHO CAN VERIFY YOU. PROVIDE THIS INFO IN INITIAL CONTACT. DO NOT USE "AI" LANGUAGE. DO NOT ASK "IS THIS AVAILABLE". YOU WILL BE IGNORED.
Past 12 months of multi-family building sales in 07960= 11
Current building gross: 59k +/- all financial documents available for inspection. Taken as a whole unit, factoring in the bonus room and commercial space, it is grossing close to market value.
Registered rental unit. Long term renters (rent leveling) in both residential units. See clarifications below
Each residential unit has three bedrooms and one bath. The lower floor unit has a separate bonus TV room in basement with W/D hookups (market value rent paid).
****The commercial space (separte from the bonus room) is NOT subject to rent leveling.
Commercial space (NO rent leveling) in basement with separate entrance: currently rented by a contractor. Space includes two 15x15 rooms, a small office and a full bath. One parking space is dedicated for his truck. Completely separate entrace from rear yard. This space is locked off from the first floor tenants bonus room in basement. Space is currently not legal for sleeping, modifications would need to be made.
****the bonus space/ TV room that is included with the first floor unit is NOT subject to rent leveling, the tenant pays additional rent to include this and that brings the first floor unit rent to area comps
We will not provide legal advice or guidance in regards to rent leveling or tenancy law
AC units in place, but not currently working. All electric heat, tenants pay for electricity. Landlord pays for water. Extra parking and large yard.
Walking distance to NJ Transit with possibilities to rent parking spaces to commuters or commercial trucks.