Date
Details
Price
Change
Source
7/30/2026
Listed
$1,319,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
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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 7.1% cap rate on current financials. The property generates more than $132,000 in annual gross income from 6 apartments, 3 garages and 5 storage units in a detached building. Current apartment and ancillary rents remain below market, providing approximately $11,800 of additional annual income before any further unit renovations. Additional upside remains through completion of a renovation program already successfully executed within the same property. Current ownership has invested more than $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 (flooring and paint) providing buyers with a clearly defined renovation strategy that has demonstrated its ability to achieve higher rents on site. Environmental items have been proactively addressed, rigorous screening has resulted in a high-quality, stable tenant base, and established property management software, systems, and operating procedures support an efficient transition for new ownership. Located approximately 60 minutes from NYC, the property offers convenient access to Routes 57, 31, and I-78, and is within walking distance of downtown.
Full Property Details
Full Property Details for 59 Railroad Ave
General
- Price: $1,319,000
- Taxes: $19,984 (2025)
- Status: Active
- Type: Apartment
- Source: Garden_State
- MLS ID: 4043878
- Updated: 7/30/2026
- Added to Site: 2 day(s) ago
Business
- Includes: Building & Land, Equipment
Rental Information
- Lease Includes: Building Maintenance, Common Area Maint, Sewer, Trash Removal
- Lease Terms: 1 Year Minimum
Interior
- Flooring: Carpeting, Tile, Vinyl-Linoleum, Wood
Rooms
Bathrooms
- Total Bathrooms: 6
- Restrooms: 6
Additional Information
- Equipment: Appliances, Fire Alarm, Fixtures, Smoke Detector, Storage Area(s)
Exterior
- Color: White
Parking
- Garage Spaces: 11
- Total Spaces: 11
- Parking: Assigned, Off-Street Parking, Parking Lot-Exclusive
Location
- County: Warren
- Driving Directions: From intersection of Route 31 and Rt 57, head east on Rt 57, turn right onto Railroad Avenue, and proceed straight to #59 on your right.
- Location Details: Corner, Residential Area
Heating & Cooling
- Cooling Type: Window A/C(s)
- Heating Type: 4+ Units, Electric Baseboard, Radiators - Steam
- Heating Fuel: Electric, Natural Gas
Utilities
- Sewer: Public Sewer
- Water: Public Water
- Utility Description: Electric, Natural Gas
Structural Information
- Construction: Wood
- Exterior Const.: Vinyl Siding
- Basement: Yes
- Basement Desc.: French Drain, Full, Slab, Unfinished
- Roof: Asphalt Shingles, Rubberized
- Ceiling Height: 5
- Doors: 3
- Bays: 3
- Stories in Building: 3
- Square Feet: 5,141
- Aprox. Leasable: 5,141 Sq. Ft.
- Previous Bldg. Use: Multifamily
- Year Built: 1925
- Remodeled/Updated: 2023
Unit Information
- 1 Bedroom Units: 3
- 2 Bedroom Units: 3
- Units w/Full Bath: 6
Lot Features
- Lot Size (Acres): 0.24
- Lot Size: 50X210
- Permitted Use: Multifamily
- Zoning: R3
- Lot Description: Corner, Level Lot
Financial Considerations
- Price Per Sq. Ft.: $257
- Expenses: See Remarks
- Operating Expenses: $39,612
- Assessment Amount: $322,900
- Land Assmt: $49,800
- Tax Amount: $19,984
- Tax Year: 2025
- Owner Pays: Maintenance-Common Area, Maintenance-Lawn, Repairs, Sewer, Snow Removal, Trash Removal
- Tenant Pays: Cable T.V., Electric, Gas, Heat, Hot Water, Water
- Pays Utilities: Tenant
Disclosures and Reports
- Ownership: Fee Simple
- Documents Avail.: Financial Statement, Income & Expenses, Leases, Pro Forma, See Remarks, Survey Available
- APN: 3021-00079-0000-00019-0000-
- Block: 79
- Lot Number: 19
Listed by Nj Realty Systems Llc.
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— 59 Railroad Ave —
Nj Realty Systems Llc.
800-455-2059
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Price & Sales History for 59 Railroad Ave
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59 Railroad Ave, Washington Boro, NJ 07882 (MLS# 4043878) is a Apartment property. 59 Railroad Ave is currently listed for $1,319,000 and was received on July 30, 2026. Want to learn more about 59 Railroad Ave? Do you have questions about finding other Apartment real estate for sale in Washington Boro? You can browse all Washington Boro real estate or contact a Coldwell Banker agent to request more information.