60-62 Franklin St, Penns Grove, NJ 08069
- $325,000
- 3,687
- SqFt
- List Price
- $325,000
- Days on Market
- 23
- Status
- ACTIVE
- MLS#
- NJSA2019906
- Living Area
- 3,687
- Lot Size (Acres)
- 0.24
- Style
- Other
- Year Built
- 1910
- County
- Salem
- School District
- Penns Grove-Carneys Point Schools
Property Description
INVESTOR OPPORTUNITY — TWO-UNIT DUPLEX WITH STRONG IN-PLACE INCOME & SIGNIFICANT RENTAL UPSIDE! Whether you're a first-time investor looking to build your rental portfolio or an experienced investor searching for your next income-producing property, 60-62 Franklin Street offers an excellent opportunity to own a fully occupied duplex with two exceptionally large units and established tenants. Each side features 6 bedrooms, providing substantial living space and strong rental potential. Both units are currently occupied, providing an investor with immediate rental income from day one while also offering potential upside as rents are brought closer to current market levels over time. Unit 60 features a long-term tenant who has called the property home for more than 40 years. Current rent is $1,600 per month. Unit 62 has been occupied by the current tenants since November 2023 and currently generates $1,800 per month in cash rent. Combined, the property currently produces $3,400 per month, or $40,800 annually, in gross scheduled rental income. The current rents also present an attractive opportunity for investors focused on long-term income growth. HUD's FY2026 Fair Market Rent data for ZIP Code 08069 indicates a $2,423 monthly FMR for a 4-bedroom unit. While HUD does not publish a separate standard FMR above four bedrooms, these properties offer six bedrooms per side, creating an interesting opportunity for an investor to evaluate the units based on their size, configuration, condition, and the local rental market. With two occupied units, established rental history, Section 8 income on one side, and substantial bedroom counts, 60-62 Franklin Street is a property that can appeal to both the investor looking for immediate income and the investor looking to identify additional upside through future rent optimization. Current Gross Income: $3,400/month | $40,800/year Bring your investment strategy and take advantage of the opportunity to own a large, income-producing duplex in Penns Grove.
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Additional Information
- Area
- Penns Grove Boro (21708)
- Subdivision
- None Available
- Taxes
- $4519
- School District
- Penns Grove-Carneys Point Schools
- Elementary School
- Field Street School
- Middle School
- Penns Grove
- High School
- Penns Grove
- Exterior Features
- Sidewalks, Street Lights
- Heating
- Radiator
- Heating Fuel
- Oil
- Cooling
- None
- Roof
- Pitched, Shingle
- Utilities
- Cable TV Available
- Water
- Public
- Sewer
- Public Sewer
- Basement
- Yes
Mortgage Calculator
Listing courtesy of Family Five Homes. Contact: 8569390668
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