238 Manatawny St

Excellent Investment Opportunity Awaiting it's new Owner!! Situated across the street from Manatawny Park, this Triplex rests on a corner lot with a well manicured lawn. It is located close enough to walk to High St. yet far enough for tenants to enjoy a quiet neighborhood. Property was renovated just a few years ago and has been maintained. Renovations completed are as follows: 3 new hot water heaters, PEX plumbing throughout, updates to the electric panels and an owners panel added, exterior motion lighting, all windows replaced, interior and exterior painting, new raillings around the 1st floor front unit of the building, tile work in kitchens and some baths, minisplit installations for Heat and A/C, new gutters, concrete stairs to units 2 and 3 were redone along with a few newly poured pads along the walkway in front of unit 1 (1st Fl Rear). An exterior closet was also constructed with baseboard heat and water lines installed for the addition of a combo washer/dryer, but was never used for this purpose. (The closet is currently used to store exterior maintenance equipment.) Longterm tenants in 2 of the 3 units with interest in staying. Rents are below market value totaling $2450/mo. for an annual total of $29,400 and a cap rate of 7% with potential to increase to over $3000/mo., $36,000/yr. with a cap rate of 9-10%. (Efficiency: $600/mo; 1 Bedroom: $950/mo.; 2 Bedroom: $900/mo.) Utilities are split and tenants pay their own electricity. Owner pays for water/sewer/trash (about $635/qr.), taxes $4,500, Ins. $1,400. Parking for tenants/visitors is on 2nd Street and the borough allows a few spaces to be used across the street at the park. Please Note: *Basement is listed as a crawl space, but there is a partial walk out basement as well (bilco doors) which houses all of the utilities. **Public records states this property is within a flood zone and that is incorrect. Please see FEMA LOMA under documents.**