Mixed Use 824 Burlington Ave. Delanco, NJ Is The Perfect Investment
The right location, price, and property is the recipe for the right investment. Philadelphia in itself has tons of potential when it comes to investment properties. However, areas outside of the Philadelphia metro area have been steadily increasing their visibility as prime investment spots. South Jersey is one such area. For those looking to venture over the bridge and stretch your investment dollars, here is a turn-key investment property in which the only heavy lifting you’ll be doing as an investor is lifting the pen to sign the dotted line.
824 Burlington Ave., offers both an ideal commercial space and a convenient residential unit both of which have been renovated within the last 2 years. Typically investment properties require moderate to heavy renovations. This property eliminates the need to hire a construction crew. With a new roof, windows and flooring many of the major concerns buyers tend to have were addressed by the current owner. Prospective tenants that are looking to sign a lease will be able to occupy the space and have their business up and running with no wait. Which means you start to collect quicker and commanding a fair market price of $1,700 a month.
Above the commercial space is definitely the kicker. The re-modeled one bedroom -one bath unit is currently occupied eliminating the need to search for a suitable tenant, saving you both time and money. The unit which is currently being rented at $1,200 per month puts the cap rate for this property at 14% which means you as the buyer starts off in the black.
If these stats haven’t raised an eyebrow by now perhaps some of the bells and whistles will including a fireplace, four car parking lot, HVAC system as well as a washer & dryer in the living space.
As an added bonus the commercial space has been wired for cameras and speaker system. Previously used as a barber shop, the commercial space experienced light wear and tear meaning the fresh new paint that was recently applied has made the space as good as new.
This dynamic property is currently on the market for $289,900. If you’d like more information about this property or would like to take a tour please call our real estate expert Gordon Stein today at 267-570-3757 (MLS # 6549903).