37 Farrand St #402, Bloomfield, NJ, 07003 | 5.31% Rental Yield

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37 Farrand St #402, Bloomfield, NJ, 07003 | 5.31% Rental Yield | Ziffy

For Sale

Currently Rented

Ziffy Mortgage

NMLS #2625701

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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

Total monthly income runs $3,095/mo, and a $3,421/mo payment. Purchase price stands at $699,000, and rental yield measures 5.31% with $3,095/mo rent. Return on cash invested shows 10.21% in year one, and 5% annual appreciation builds toward $193,121 over five years. Five-year ROI reaches 52.05% and total cumulative return in cash records $119,690. Financing may use Ziffy Mortgage’s DSCR loan, which bases approval on $3,095/mo property income covering a $3,421/mo payment rather than investor’s personal income.

Condo

Built in 2024

3,158 sqft lot

$N/A/sqft

No HOA

More details about the property

Welcome to 37 Farrand Street a boutique collection of newly constructed condominiums showcasing exceptional craftsmanship, sleek design, and thoughtful detail. Top Floor, Unit 402, Panoramic views offers two spacious bedrooms and two full bathrooms, featuring an open-concept living and dining area centered around a sleek kitchen with GE Cafe and Profile appliances, a quartz waterfall island, vented out in the kitchen and custom cabinetry. The primary suite includes a walk-in closet with built-ins and a spa-like ensuite with double vanity and rainfall shower. The second bedroom features double closets and an adjacent full bath, ideal for guests or a home office.Additional highlights include in-unit laundry, energy efficient tankless water heater a NEST thermostat, and elevator access to a shared rooftop terrace with panoramic views and lounge seating. Significantly low Taxes, Tax abatement, New Home Warranty and direct NJ Transit service to Manhattan in just 30 minutes.Perfectly located in downtown Bloomfield, neighboring Montclair and Glen Ridge, 37 Farrand Street offers the ideal balance of tranquility and connectivity moments from local dining, shopping, and everyday conveniences. *Attention Renters* This is the perfect opportunity to stop renting and own in the neighborhood you already love. Pet friendly, professionally managed from a solid builder. Brand New Homes starting at $599,000, Tour Today!

Neighborhood Data

Neighborhood data shown for ZIP Code: 07003, Bloomfield, NJ area.

Housing Distribution

Housing Statistics

Category	Value
Total HU (Housing Units)	22,968 (100%)
Owner Occupied HU	10,598 (46.1%)
Renter Occupied HU	11,569 (50.4%)
Vacant Housing Units	801 ( 3.5%)
Median Home Value	$487,407
Average Home Value	$534,557