Open House
Sat Sep 12, 10:00am - 12:00pm
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Detached
Listing Status Active
Purchase Type For Sale
Square Footage 3,687 sqft
Price per Sqft $88
Subdivision None Available
MLS Listing ID NJSA2019906
Style Other
Abv Grd Liv Area 3,687
Year Built 1910
Annual Tax Amount $4,519
Tax Year 2025
Lot Size 10,363 Sqft
Acres 0.24
Lot Dimensions 58X178
Property Sub-Type Detached
Source BRIGHT
Property Description
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.
Location
State NJ
County Salem
Area Penns Grove Boro (21708)
Zoning RES
Rooms
Basement Full, Unfinished
Interior
Hot Water Electric
Heating Radiator
Cooling None
Fireplace N
Heat Source Oil
Laundry Hookup
Exterior
Fence Other
Utilities Available Cable TV Available
Water Access N
Roof Type Pitched,Shingle
Accessibility None
Garage N
Private Pool No
Building
Foundation Concrete Perimeter
Above Ground Finished SqFt 3687
Sewer Public Sewer
Water Public
Architectural Style Other
Additional Building Above Grade, Below Grade
New Construction N
Schools
Elementary Schools Field Street School
Middle Schools Penns Grove
High Schools Penns Grove
School District Penns Grove-Carneys Point Schools
Others
Tax ID 08-00050-00006
Ownership Fee Simple
SqFt Source 3687
Acceptable Financing Conventional, FHA 203(b), USDA, VA
Listing Terms Conventional, FHA 203(b), USDA, VA
Financing Conventional,FHA 203(b),USDA,VA
Special Listing Condition Standard
Nearby School & Business
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