Unlisted for Private Sale: 2 Four-Family Homes, Historic Morristown

Great for INVESTOR / HOMEOWNER

With an occupancy rate of nearly 100% over the last 12 years, these 4-Family Homes present a perfect opportunity for any homeowner or investor.  Due to the current owner being an owner occupant, he has taken tremendous care to preserve the utmost value for these homes located in the beautiful historic district of Morristown, NJ.

55 Wetmore Avenue $579,000

A four-family house consisting of four 1BR/1BA apartments. These units are very easy to rent. The building has had a near 0% vacancy rate over the past 12 years. Located in the Historic District of Morristown on the dead-end section of a quiet residential street. Within walking distance of the Morristown Green, the train station, the Community Theater and the best shops and restaurants in town. Quick access to major highways. Each apartment has a private front and back entrance, back patio and separate utilities. The current average rent is $1096/month with the tenant paying both gas and electric.

$52,620 Rental Income
$12,504 Property Taxes
$1,776 Hazard Insurance
$1,362 Utilities (water & sewer)
$36,978 Net Operating Income
All Units separately metered (tenants pay)
New vinyl windows 1993
New 300 amp electric service 1999
New back porch and staircase 2000
All units renovated 1993-1996

50 Western Avenue  $899,000

A four-family house consisting of two 2BR/1BA apartments downstairs and two 4BR/2BA apartments upstairs. Located in the center of town, just one block from the Morristown Green. Within walking distance of the train station, the Community Theater and the best shops and restaurants in town. The backyard borders a wooded National Park and the yard is meticulously landscaped. Each apartment has a private front and back entrance, back patio or deck and separate utilities. Tenants pay gas and electric.

5700 Total Square Feet.
Built 1911
$99,600 Rental Income (assume $2,000/month for owner occupied unit)
$18,861 Property Taxes
$2,473 Hazard Insurance
$4,242 Utilities (water & sewer)
$74,024 Net Operating Income
All Units Separately metered gas/electric (tenant pays)
New Vinyl Windows 1998 and 2002
New 300 amp electric service 1999
ALL UNITS and exterior completely renovated from 2001 – 2004

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