225-231 Gibbon Street

Salem, NJ 08079

$315,000
Price
12
Beds
3
Baths
2,380 Sq. Ft.
$132 / Sq. Ft.
2,380
Sq. Ft.
$132
per Sq. Ft.

Description

Welcome to 225-231 Gibbon Street, Salem, NJ. This meticulously maintained property presents an exceptional investment opportunity with a smart and strategic approach. Comprising four 3-bedroom, 1-bath townhomes, this income-generating property offers a total of 12 bedrooms and 3 bathrooms across a generous 2380 square feet of living space.
Nestled on a total lot size of 5118 square feet, the property boasts newer roofs, adding an invaluable layer of functionality . Each unit is currently occupied,
...Welcome to 225-231 Gibbon Street, Salem, NJ. This meticulously maintained property presents an exceptional investment opportunity with a smart and strategic approach. Comprising four 3-bedroom, 1-bath townhomes, this income-generating property offers a total of 12 bedrooms and 3 bathrooms across a generous 2380 square feet of living space.

Nestled on a total lot size of 5118 square feet, the property boasts newer roofs, adding an invaluable layer of functionality . Each unit is currently occupied, with annual leases in place, ensuring a consistent stream of income for the savvy investor.

Notably, three of the four of the townhomes have been recently updated, offering a blend of character and modern convenience. The property's impressive annual gross rental net of $56,760 and a remarkable 12% cap rate underscore its potential as a lucrative addition to any investment portfolio. Photos of 229 and 231 are prior to the recent current tenants' occupancy.

Conveniently located in a convenient area, this property presents a rare opportunity to acquire a turnkey investment with strong rental history and promising returns. Don't miss the chance to own this income-generating gem in Salem, NJ. Schedule your showing today and seize this astute investment opportunity.

Listing Agent

Property Details for 225-231 Gibbon Street

Tax ID Number
13-00018-00022
Ownership
Fee Simple
Structure Type
Twin/Semi-Detached
Style
Traditional
Waterfront
No
Garage
No
Expected On Market Date
04-18-2024
Municipality
SALEM CITY

Location

Add your commute
LISTING UPDATED: 05/01/2024 12:56 PM

Property Details for 225-231 Gibbon Street

StatusActive
MLS #NJSA2010698
Days on Market18
Taxes$6,721 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeMulti-Family / Fee Simple
Year Built1940
Lot Size0.12 AC / 5,118 SF
CountySalem County

Location

Add your commute

Building Information for 225-231 Gibbon Street

Stories-Residences2Year Built1940Building Size-Lot Size0.12 AC / 5,118 SF

Payment Calculator

$2,279 per month

30 year fixed, 7.25% Interest

Principal and Interest

$1,719

Property Taxes

$560

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 225-231 Gibbon Street

Location
Location
  • School District Name: SALEM CITY SCHOOLS
  • School District County ID: 300200396391
  • SchoolDistrictSource: Listing Agent
  • County: SALEM
  • MLS Area: Salem City (21713)
Waterfront / Water Access
Waterfront / Water Access
  • Water View: No
  • Water Access: No
  • Water Oriented: No
  • Navigable Water: No
  • Tidal Water: No
  • Riparian Rights Y/N: No
Association / Community Info
Association / Community Info
  • Association Recreation Fee Y/N: No
Taxes and Assessment
Taxes and Assessment
  • Tax Year: 2023
  • Tax Assessed Value: $85,500
  • Year Assessed: 2023
  • County Tax: $0
  • Improvement Assessed Value: $76,700
  • City Town Tax: $0
  • Land Assessed Value: $8,800
  • Clean Green Assessed: No
  • Land Use Code: 0
  • Zoning: RES
  • Tax Lot: 00022
  • School Tax: $0
  • Automatically Update Tax Values Y/N: Yes
Lease Information
Lease Information
  • Owner Pays: Insurance, Repairs, Pest Control, Sewer, Taxes - Real Estate, Water
Unit Information
Unit Information
  • Single Room Units Count: 0
  • One Bedroom Units Count: 0
  • Two Bedroom Units Count: 0
  • Three Bedroom Units Count: 4
  • Other Units: Unit 1,Unit 2,Unit 4,Unit 3
  • Units Furnished: None
  • Units Leased Count: 4
  • Number Of Units Vacant: 0
  • Vacancy Allowance Rate: .00%
  • Number Of Units Month To Month: 0
  • Rent Control: No
Multi Family
Unit 1
  • Type: Unit 1
  • Unit Type Occupied YN: Yes
  • Level: 1
  • Unit Type Lease Type: Yearly
  • Beds Total: 3
  • Half Baths Count: 0
  • Full Baths Count: 1
  • Unit Type Features: Newly Updated. Gas Heat
Unit 2
  • Type: Unit 2
  • Unit Type Occupied YN: Yes
  • Level: 1
  • Unit Type Lease Type: Yearly
  • Beds Total: 3
  • Half Baths Count: 1
  • Full Baths Count: 1
  • Unit Type Features: Newly Updated, newer roof
Unit 3
  • Type: Unit 3
  • Unit Type Occupied YN: Yes
  • Level: 1
  • Unit Type Lease Type: Yearly
  • Beds Total: 3
  • Half Baths Count: 0
  • Full Baths Count: 1
  • Unit Type Features: Updated bathroom, newer roof
Unit 4
  • Type: Unit 4
  • Unit Type Occupied YN: Yes
  • Level: 1
  • Unit Type Lease Type: Yearly
  • Beds Total: 3
  • Half Baths Count: 0
  • Unit Type Features: New oil tank, new roof, updated prior to current tenancy
Financial Information
Expenses
  • Operating Expense: $18,039
  • Operating Expense Includes: Insurance
  • Insurance Expense: $2,932
  • Trash Expense: $0
  • Pest Control Expense: $0
  • Maintenance Expense: $3,200
  • Pool Expense: $0
  • Furniture Replacement Expense: $0
  • Professional Management Expense: $0
Financial Information
  • Gross Income: $54,000
  • Net Operating Income: $38,721
  • Annual Rental Income: $54,000
  • Income Includes: Apartment Rentals, Other
  • Cap Rate: 12.00
  • Existing Lease Type: Yearly
Building Info
Building Info
  • Building Units Total: 2
  • Total Finished SQFT: 2,380.00
Lot / Land Information
Lot / Land Information
  • Lot Size Source: Assessor
  • Lot Size Dimensions: 64.00 x 80.00
  • Lot Dimensions Source: Assessor
  • Parcel ID: 21905918
  • Ground Rent Exists: No
Parking
Parking
  • Type Of Parking: On Street
Interior Features
Interior Features
  • Fireplace: No
  • Accessibility Features: None
Exterior Features
Exterior Features
  • Spa: No
  • Pool: No Pool
  • Other Structures: Above Grade, Below Grade
Utilities
Utilities
  • Heating: Yes
  • Cooling Type: None
  • Cooling Fuel: None
  • Heating Type: Forced Air
  • Heating Fuel: Natural Gas, Oil
  • Hot Water: Electric
  • Water Source: Public
  • Sewer Septic: Public Sewer
Confidential Data
Listing Office
  • List Agent AOR: NEXUS Association of Realtors
  • List Agent URL: www.jensellssj.com

Property History for 225-231 Gibbon Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Schools near 225-231 Gibbon Street

This home is within Salem City Board Of Education School District.
Rating
School
Type
Grades
Distance
Public - PK to 2
Public - 3 to 8
Public - 9 to 12
Rating
School
Distance
John Fenwick Elementary School
PublicPK to 2

Salem Middle School
Public3 to 8

Salem High School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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225-231 Gibbon Street is a multi-family home for sale in Salem, NJ 08079. This property was listed for sale on April 18, 2024 by Compass, it's currently listed at $315,000. This listing's school district is Salem City Board Of Education School District. Nearby schools include John Fenwick Elementary School, Salem Middle School and Salem High School. 225-231 Gibbon Street is a 12-bed, 3-bath, 2,380 sqft multi-family home built in 1940.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Based on information from one of the following Multiple Listing Services: BRIGHT, Greator Scranton Board of REALTORS®. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by BRIGHT, Greator Scranton Board of REALTORS® is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.