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$1,249,000 -$70,000 (-5.31%) Price Reduced

  • For Sale
  • Active
  • Apartment
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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 7.72% cap rate on current financials. Since listing in August, storage lease-up and lease renewals have lifted NOI from about $93,000 to $96,470 at 100% occupancy, despite higher expenses. The property generates more than $136,000 in annual gross income from 6 apartments, 3 garages and 5 storage units in a detached building, all leased. Current apartment and ancillary rents remain below market, providing approximately $8,880 of additional annual income before any further unit renovations. Additional upside remains through completion of a renovation program already executed within the same property and 7 new storage units in unused basement space. Ownership has invested over $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, giving buyers a clearly defined renovation strategy proven by higher achieved rents on site. Environmental items have been proactively addressed, rigorous screening has produced a stable tenant base, and established management systems support an efficient transition. Located about 60 minutes from NYC with convenient access to Routes 57, 31 and I-78, within walking distance of downtown.

Full Property Details for 59 Railroad Ave

General

  • Price: $1,249,000
  • Taxes: $20,178 (2025)
  • Status: Active
  • Type: Apartment
  • Source: Garden_State
  • MLS ID: 4043878
  • Updated: 11/10/2026
  • Added to Site: 107 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.: $243
  • Expenses: See Remarks
  • Operating Expenses: $39,970
  • Assessment Amount: $322,900
  • Land Assmt: $49,800
  • Tax Amount: $20,178
  • 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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Listing agent

— 59 Railroad Ave —

  • Nj Realty Systems Llc.

800-455-2059

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NMLS#: 1598647

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Be ready to buy your new home!

with our affiliated lender
NMLS#: 1598647

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Schools serving 59 Railroad Ave

School Districts:Warren Hills Regional School District, Washington Borough School District
NameGradesDistance
Taylor Street Elementary School
16 24 Taylor Street, Washington, NJ 07882
PK-20.5 mi
Washington Memorial Elementary School
300 West Stewart Street, Washington, NJ 07882
3-61.1 mi
Warren Hills Reg Midd School
64 66 Carlton Avenue, Washington, NJ 07882
7-80.9 mi
Warren Hills Reg High School
41 Jackson Valley Road, Washington, NJ 07882
9-121.3 mi
Disclaimer: School attendance boundaries provided by ATTOM Data Solutions and are for reference only. Contact the school directly to verify enrollment eligibility.

Price & Sales History for 59 Railroad Ave Get Price Alerts and Save Property

Date
Details
Price
Change
Source
11/10/2026
Price Reduced
$1,249,000
-5.31%
MLS
7/30/2026
Listed
$1,319,000
—
MLS
Get Price Alerts and Save Property
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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Listed by Nj Realty Systems Llc.

59 Railroad Ave, Washington Boro, NJ 07882 (MLS# 4043878) is a Apartment property. 59 Railroad Ave is currently listed for $1,249,000 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.

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