24 Elm St #2B, Montclair, NJ, 07042 | 8.42% Rental Yield

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24 Elm St #2B, Montclair, NJ, 07042 | 8.42% Rental Yield | Ziffy

For Sale

Motivated Seller

Ziffy Mortgage

NMLS #2625701

Get Pre-Approved

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Ziffy AI Summary

A quick, investor-focused snapshot highlighting income strength, yield potential.

Key metrics	Value
Price	$399,900
Est. Rent	$3,200/mo
ROI	18%

Attractive rent-to-price ratio for income stability
Good fit for DSCR financing with healthy coverage

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Investment Highlights

Investment property for sale in Montclair at 24 Elm St #2B, Montclair, NJ, 07042 offers a 8.42% rental yield on a $599,000 purchase with $4,205/mo rent. 67% in year one. Equity gained on principal adds $3,865/yr while 5% annual appreciation supports $165,493 over five years. Portfolio math shows five-year ROI at 102.76% and total cumulative return in cash at $202,510. Financing is available via Ziffy Mortgage’s DSCR loan, which evaluates $4,205/mo property income against a $2,932/mo payment rather than investor’s personal income documents like W2s, Salary slips, and Tax returns.

Condo

Built in 2009

472 Acres lot

$N/A/sqft

No HOA

More details about the property

Seller Motivated! Offering $600/month credit for 24 months to offset HOA increase. This beautifully updated 2BR/2BA condo in a boutique 12-unit building delivers unbeatable value in the heart of downtown Montclair. Featuring 9' ceilings, an open layout, and a renovated kitchen with granite counters, stainless steel appliances, and a peninsula with seating for four. The spacious primary suite includes two walk-in closets, French doors to a private balcony, and a spa-like bath with oversized vanity and walk-in shower. A second bright bedroom offers flexibility for guests or office. Just four blocks to Bay Street Station and steps to Bloomfield Ave dining, shops, and theaters. Includes 2 private garage parking spots with elevator access. With prime location, turnkey updates, and seller incentives, this is a rare Montclair opportunity you don't want to miss!

Neighborhood Data

Neighborhood data shown for ZIP Code: 07042, Montclair, NJ area.

Housing Distribution

Housing Statistics

Category	Value
Total HU (Housing Units)	11,932 (100%)
Owner Occupied HU	5,166 (43.3%)
Renter Occupied HU	6,248 (52.4%)
Vacant Housing Units	518 ( 4.3%)
Median Home Value	$820,298
Average Home Value	$907,117