137 Congress St

Lucrative, INCOME-PRODUCING opportunity for both investors and owner occupants! This 3-FAMILY property is located in Newark's coveted IRONBOUND section, only 5 blocks from Newark Penn/PATH station. Each unit features 3 bedrooms, 1 full bathroom, a spacious living room and well-equipped kitchen. The basement is FULLY FINISHED with an additional two rooms that can serve a host of purposes, a FOURTH FULL BATHROOM and a LAUNDRY ROOM. A COIN-OPERATED washer and dryer is being included in the sale. The property easily pays for itself, and then some, with excellent, LONG-TERM TENANTS in place. The existing month-to-month leases allow for LANDLORD FLEXIBILITY and, it should be noted, are below market value for the area. The building is equipped with 3 CENTRAL HVAC units, 4 GAS/ELECTRICAL METERS and 4 HOT WATER HEATERS that were installed in 2017. The owner is in the process of having SOLAR PANELS installed, GREATLY REDUCING the electric cost to any potential buyer. Please note that these panels have been PURCHASED OUTRIGHT by the seller, not leased, and are scheduled for installation in early July. The property is zoned, MX-1, for POTENTIAL MIXED USE purposes and can, therefore, house a COMMERCIAL BUSINESS on the first floor with RESIDENCES above! The possibilities are ENDLESS! Owner will accept all forms of TRADITIONAL financing and may even consider SELLER TAKE BACK FINANCING under the right circumstances. All tax/insurance payments are up to date with no liens on property.