1035 Melvin Ave, Glendora, NJ 08029

Triplex, all one floor, side-by-side units. This property has been owned by the same individual for 18 years. This is a turn-key property. It has been a fantastic rental property, always rented. YES, this is an almost 10 CAP RATE, however, the middle unit tenant has been renting for nearly 18 years so their rent rate is 800/month. But the present market rate for that unit is 990/month. Each unit has its own driveway and their own fenced backyard area. All units have their own electric, gas and water meters (the middle unit does not use gas) and tenants are responsible for paying their own utilities. The current owner pays for the CCMUA (264/quarter) and local sewer (138/quarter). These numbers are are listed in the total expenses. Owner also pays for lawn mowing, twice a month at the cost of 70/month for the months of April-October (also included in the total expense numbers). Property is conveniently located near Route 42, Deptford shopping areas, close to the highways to get you to Philly or A/C. Live in one unit and let the other's pay the bills, or have a full cash cow and rent all three.