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225 231 Gibbon Street

Salem, NJ 08079

– beds
– baths
2,380 sqft
5,118 sqft lot
$132 per sqft
1940 build

Welcome to 225-231 Gibbon Street, Salem, NJ. This meticulously maintained property presents an exceptional investment opportunity with a smart and strategic approach. Comprising four 3-bedroom, 1-bath townhomes, this income-generating property offers a total of 12 bedrooms and 3 bathrooms across a generous 2380 square feet of living space. Nestled on a total lot size of 5118 square feet, the property boasts newer roofs, adding an invaluable layer of functionality . Each unit is currently occupied, with annual leases in place, ensuring a consistent stream of income for the savvy investor. Notably, three of the four of the townhomes have been recently updated, offering a blend of character and modern convenience. The property's impressive annual gross rental net of $56,760 and a remarkable 12% cap rate underscore its potential as a lucrative addition to any investment portfolio. Photos of 229 and 231 are prior to the recent current tenants' occupancy. Conveniently located in a convenient area, this property presents a rare opportunity to acquire a turnkey investment with strong rental history and promising returns. Don't miss the chance to own this income-generating gem in Salem, NJ. Schedule your showing today and seize this astute investment opportunity.

Listing courtesy of BRIGHT / Compass New Jersey, LLC - Moorestown

Last checked: Checking… • Last updated May 1, 2024 •

MLS# NJSA2010698 —

The Building

Year Built:

1940
Year Built Source:

Assessor
New Construction:

No
Construction Materials:

Vinyl Siding
Structure Type:

Twin/Semi-Detached
Architectural Style:

Traditional
Building Units Total:

2
Accessibility Features:

None
Foundation Details:

Brick/Mortar, Stone
Basement:

Yes
Basement Type:

Partial, Unfinished
Total SqFt Source:

Assessor
Total Below Grade SqFt Source:

Assessor
Tax Total Finished SqFt:

2380

Interior

Fireplace:

No
Living Area SqFt Source:

Assessor

Room Dimensions

Total SqFt:

2380
Living Area SqFt:

2,380 Sqft

Financial & Terms

Sale Type:

Standard
Acceptable Financing:

Conventional, Cash, FHA
Possession:

31-60 Days CD

Location

Directions:

Off of Hubble St
Latitude:

39.57417000
Longitude:

-75.46325000

The Property

Property Type:

Multi-Family
Property Subtype:

Quadruplex
Lot Size Units:

Square Feet
Lot Size Acres:

0.12
Lot Size Source:

Assessor
Lot Size Dimensions:

64.00 x 80.00
Lot Dimensions Source:

Assessor
Lot SqFt:

5,118 Sqft
Exclusions:

Tenant property
Zoning:

RES
Other Structures:

Above Grade, Below Grade
Water View:

No
Waterfront:

No
Water Oriented:

No
Water Access:

No
Navigable Water:

No
Tidal Water:

No
Ground Rent Exists:

No
Riparian Rights:

No

Listing Agent

Contact info:

Taxes

Tax ID Number:

13-00018-00022
Tax Year:

2023
Tax Lot:

00022
Tax Annual Amount:

$6,721
Tax Assessed Value:

$85,500
Year Assessed:

2023
Total Taxes Payment Frequency:

Annually

The Listing

Buyer's Brokerage Compensation:

2%
Buyer Agency Comp Type:

% Of Gross
Buyer Agency Comp Selection:

Percent
Remarks - Buyer Agency Compensation:

Commission based on Net

Heating & Cooling

Cooling Type:

None
Central Air:

No
Cooling Fuel:

None
Heating:

Yes
Heating Type:

Forced Air
Heating Fuel:

Natural Gas, Oil

Utilities

Sewer/Septic:

Public Sewer
Hot Water:

Electric
Water Source:

Public

Schools

School District Name:

Salem City Schools
School District Source:

Listing Agent

The Community

Pool:

No Pool
Spa:

No
Association Recreation Fee:

No
Cap Rate:

12.00

Parking

Garage:

No
Type of Parking:

On Street

Extra Units

Other Units:

Unit 1,Unit 2,Unit 4,Unit 3
Vacation Rental:

No
Units Furnished:

None
Three Bedroom Units:

4

Explore the Area

My Commute

From

Walk Score®

Provided by WalkScore® Inc.

Bike Score®

Provided by WalkScore® Inc.

Soundscore™

Provided by HowLoud

Sale history

Date	Event	Source	Price	% Change
5/1/24 May 1, 2024	Price Changed	BRIGHT	$315,000	-1.6%
4/17/24 Apr 17, 2024	Listed / Active	BRIGHT	$320,000

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This multifamily located in Salem, NJ 08079 is currently for sale for $315,000. 225 231 Gibbon Street is a 2,380 square foot multifamily with – beds and – baths. This multifamily is in the attendance area of Salem Middle School, John Fenwick School, and Salem High School.

Listing Courtesy of: BRIGHT and Compass New Jersey, LLC - Moorestown.

The information included in this listing is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The information on each listing is furnished by the owner and deemed reliable to the best of his/her knowledge, but should be verified by the purchaser. BRIGHT MLS and Estately assume no responsibility for typographical errors, misprints or misinformation. This property is offered without respect to any protected classes in accordance with the law. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller.
The offer of compensation listed above is made to, and can only be accepted by, participants of the multiple listing service in which this listing is filed.