Henry St – Morristown – Development Opportunity Available

  • $799,000

Rare opportunity to purchase three buildable lots on Henry Street ~0.5 miles from the Morristown Green. Sale includes approved architectural and site plans for three two family residences – details below. Environmental clean up complete with documentation available.

Summary Details:

  • Resource Link: Google Drive Folder
    • Architectural Plans
    • Site Plans
    • Environmental cleanup docs
    • Resolution docs (being finalized as we speak)
    • Rendering of buildings/site
  • 6,000 sq.ft. of livable square footage across three two family houses – total of 6 units with potential to add carriage house unit on larger lot in future and finish all basements for extra beds/baths
    • Henry St prop 1- 3 bed 2.1 bath unit and 1 bed 1 bath unit with option to build 3 car garage (potential carriage house use above garages for future use)
    • Henry St prop 2- 2 bed 1.1 bath unit and 1 bed 1 bath unit
    • Henry St prop 3- 2 bed 1.1 bath unit and 1 bed 1 bath unit
  • Projected ARV of $2.3m for total project
    • $850k for Henry St prop 1
    • $750k for Henry St prop 2
    • $700k for Henry St prop 3
  • Projected total rent roll of $13.6k
    • $5.2k for Henry St prop 1
    • $4.3k for Henry St prop 2
    • $4.1k for Henry St prop 3
  • Current taxes $11k

Sold Multi Families Last 18 Months Morristown

All Active and UC Multi Families Morristown

Price:
$799,000
Address:
Henry St
Morristown, NJ
Terms:
Assignment of Contract
Property Type:
Land

Call (609) 807-1497 for more details

Property Location