Welcome to 211 Lorraine in Montclair!

This exceptional property presents a unique opportunity for savvy investors seeking a fully rented-out building with 5 units. Located in a prime Upper Montclair location, this income-generating gem offers both stability and unlimited potential for updating and raising rents.

Each of the five units within this building is currently occupied, providing immediate rental income for the discerning buyer. The property features a mix of spacious and comfortable residences, catering to various lifestyles and needs. Whether it's one-bedroom apartments or two-bedroom units, tenants will appreciate the inviting living spaces. Step inside each unit and discover a canvas of unlimited possibilities. With the potential to update and enhance the living spaces, you have the opportunity to not only increase the appeal for tenants but also raise rental rates, maximizing your investment returns.

211 Lorraine boasts a charming exterior, combining timeless architectural elements with modern convenience. With some basic TLC to bring out the hidden potential of this Victorian charmer it’s attractive curb appeal is sure leave a lasting impression. Inside, envision the transformation as you reimagine each unit with updated fixtures, appliances and finishes. By investing in these updates, you can create desirable living environments that will attract tenants willing to pay higher rents in this highly sought-after location.

The building's location adds to its appeal, situated in the vibrant neighborhood of Upper Montclair. Residents will enjoy easy access to an array of amenities, including shops, restaurants, parks, and entertainment options. With a convenient commute and excellent public transportation options, this property offers the best of both suburban tranquility and urban connectivity.

Investors will appreciate the financial stability of this fully rented-out building, providing an immediate return on investment. Additionally, the potential for rental growth and value appreciation make this property a sound long-term asset.

Don't miss out on this fantastic investment opportunity at 211 Lorraine, Montclair. Act now to secure this fully rented-out building and enjoy the benefits of passive income and real estate appreciation in this sought-after location. Contact us today to schedule a viewing and take the first step toward realizing your investment goals.

Details:

• 5 Units: $7,742.70/mo

  • Unit 1 - $1,904.45 (Lease end date: 9/30/24) - 2/3 Bedroom| 1 Bath

  • Unit 2 - $1,217.00 (Lease end date: 4/30/24) - 1 Bedroom | 1 Bath

  • Unit 3 - $1,568.25 (Lease end date: 3/31/24) - 1 Bedroom | 1 Bath

  • Unit 4 - $1,758.00 (Lease end date: 3/31/24) - 1 Bedroom | 1 Bath

  • Unit 5 - $1,295 ( Lease end date: 7/31/2024) - 1 Bedroom | 1 Bath

• Landlord pays gas (heat), water and sewer for entire building and electric for the Unit 2.

• Lot: 0.241 acres (60x175)

• Sq. Ft: 2,908

• Taxes: $24,826.10

ADDITIONAL PHOTOS + FLOORPLANS COMING SOON