49 Fremont St — Sale in Bloomfield, NJ

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Bloomfield, NJ 07003

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Description

Marcus & Millichap is excited to bring the property located at 49 Fremont Street (Block: 275 Lot: 7) in the highly desirable section of Bloomfield, New Jersey, to market for sale. The property features a substantial 3.992+/- square foot, three-story, fully licensed rooming house built circa 1900 in a R-1B zone (Residential, Single Family) on a level 0.20-acre lot. The building contains 18 rentable rooms, 5.5 bathrooms, and a large back yard. The building has an asphalt shingle roof, window cooling units, and a restricted access basement complete with a supplemental kitchen and super's quarters. The property is on the north side of Fremont St. two doors west of Oakland Ave. directly adjacent to the Bloomfield College campus, placing it steps away from student-driven demand in a submarket where 62% of households are renters. Furthermore, the location boasts exceptional regional accessibility, sitting near major transport arteries like Route 280 and the Garden State Parkway, alongside multiple local NJ Transit commuter options, ensuring seamless connectivity for occupants commuting throughout Essex County and the greater New York Metropolitan area. The property at 49 Fremont St is a strong investment opportunity based on the current cash flow that generates a NOI of $64,557 with the potential to reach $81,933. Additionally, the property's location, immediately adjacent to Bloomfield College, could allow the future owner to conduct property upgrades for further revenue growth by marketing the rooms to students. The owner is making 50% LTV seller financing available to the purchaser. Investment Highlights: • Licensed rooming house - 18-rooms, 5.5 bathrooms in 3,992+/- sqft building • Grandfathered, legal non-conforming use in a R1B zone • Well located in a high demand, low vacancy market with 62% of the households are renters • Directly adjacent to the Bloomfield College Campus • Excellent upside through cosmetic renovations • 50% LTV Seller Financing is available

Market Context

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