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Archived over 7 years ago

$480,000

5+ bd 4+ ba 0 sqft

8 Henry St, Morristown , NJ 07960

Residential Duplex Off MLS

Current Rent **

N/A

Projected Rent **

N/A

Estimated Cap Rate *

Pro Only

Estimated Cash on Cash ROI *

Pro Only

Posted By:

William Beck

Investor
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Unit 1 Details
  • Current Rent:
  • Bedroom: 3 bd
  • Bathroom: 2 ba
  • Square Footage: 0 sqft
  • Occupied: No
  • Needs Repairs: No
  • Off MLS: Yes
Unit 2 Details
  • Current Rent:
  • Bedroom: 2 bd
  • Bathroom: 2 ba
  • Square Footage: 0 sqft
  • Occupied: No
  • Needs Repairs: No
  • Off MLS: Yes

Off Market Lots - Morristown NJ

Fellow Investors,

We have an exciting opportunity to buy land in Morristown, NJ. For those of you unfamiliar with Morristown's master plan I encourage you to read (or skim) through the attached doc. In short, Morristown is primed for increased density with many areas of town being built up to accommodate the residential market needs.

See 8, 12 and 14 Henry St: https://main.govpilot.com/web/muni/1424/

At present, our team has confirmed with zoning and planning that a duplex can be built on each lot. The larger lots (8 and 12 Henry) will be 3000 sq ft each, boasting a 3 bed 2 bath unit on the upper floors and 2 bed 2 bath units on the lower. The smaller lot will be closer to 2200 sq ft with both units being 2 bed 2 bath. See the attached BRRRR analysis to see how the numbers shake out with this approach (roughly 12% ROI). Keep in mind we are basing this off a 10% private money hold rate until we refi into more traditional lending 8-10 months down the line.

And for those of you interested in a flip approach, the typical cap rate investors look for in this are ranges from a 5-7 cap. Considering the rarity of a new build multi in this area I'm projecting a cap rate closer to 5 but I've modeled my proforma to be a 6.5 to be safe. See my flip pro forma for specifics here (ROI of 15% or 275k of profit).

Please reach out if you're interested in getting involved. At this time we are open to equity partnerships and are considering wholesaling. Shoot me your email if you would like to see the attachments detailed above.

Thanks
Bill

Location:

8 Henry St, Morristown , NJ 07960

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* The cap rate and cash on cash return calculations found on BiggerPockets Listings are estimated and designed to be used for informational and educational purposes only, and when used alone, do not constitute investment advice. They assume 3 months worth of expenses and estimate taxes and insurance. BiggerPockets recommends that you seek the advice of a real estate professional before making any type of investment. The results presented may not reflect the actual return of your own investments. BiggerPockets is not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. Furthermore, BiggerPockets is not responsible for any human or mechanical errors or omissions.

** Current rent and projected rent are provided by the lister.

† Rental comps are pulled by looking at property characteristics (beds, baths, structure type), date the rent listing was captured, and proximity to the searched location.

‡ Confidence levels range from low to very high. Confidence is determined by the number of recent and relevant comparable properties for any given search. A very high confidence level indicates a high number of recent and similar rental listings.