For Multi Family

11 Cleveland St,Morristown Town, NJ 07960-3808

April 18, 2026

ATTENTION INVESTORS: TENANT IN PLACE & BEING SOLD AS A RENTAL PROPERTY!!! Quality tenants in place in this like new two-family home. 2 leases in place. One lease recently signed for 2 years at $3,500/month and the other lease is signed at $2300/month and has one year remaining. Yearly Financials: Rent: $69,600 Property Taxes: $9,512, Sewer Costs: $400 Net Operating Income: $58,728 Walk to everything in Morristown location (train, school, downtown). Fully reconstructed home with all new everything. Laundry is private and inside the units. Off Street parking spaces. Top notch insulation and soundproofing in walls and ceilings. Rebuilt masterfully and with great care. Sizable backyard. Bathrooms are spacious with great water pressure from the new plumbing. Good ceiling height with tons of natural light, solid hardwood hickory floors. Kitchen countertops and backsplash are solid quartz and cabinets / vanities are solid wood. This property is being offered as a rental investment with a tenant already in place. The owner is seeking to sell it as part of a rental property package alongside MLS#4020634, MLS#4020635, MLS#4020616. Owner may consider selling individual properties.

Property ID:PT-38043993-AXZR

Offer Type:For Multi Family

Property Type:Multi-Family

Price: 995,900 $

Bedrooms:4

Year Built:1906

Listing Details

Status: Active

Location

County: Morris

Lotsize: 5528SF

Lot Identifier: 1

Lot Description: Level Lot

Lot Identifier: 1

Home Details

Open Parking: 2

Basement: Yes

Renovated: 2024

Basmnt/Desc: Yes - Unfinished

Acreage: 0.13

Total Baths: 3.10

Unit Style: 3-Three Story

Number of Units: 2

Rooms: 12

Easement/Desc: No

Exterior Description: Aluminum Siding

Roof Description: Asphalt Shingle

Possesion: POT

Unit 1 Appliances/Equipment: Dishwasher, Microwave Oven, Range/Oven - Electric, Smoke Detector, Stackable Washer/Dryer

Unit 1 Levels: 2

Unit 1 Rooms: 8

Unit 1 Beds: 3

Unit 1 Baths: 2.1

Unit 1 Owner/Tenant Pays: Tenant Pays Electric, Tenant Pays Gas, Tenant Pays Water

Unit 1 Handicap: No

Unit 1 SqFt: 1300

Unit 1 Rent: 3500

Unit 1 Room Description: Bedrooms, Dining Room, Kitchen, Living Room

Unit 1 Security Deposit: 3500

Unit 2 Appliances/Equipment: Dishwasher, Range/Oven - Electric, Smoke Detector, Stackable Washer/Dryer, Sump Pump

Unit 2 Levels: 1

Unit 2 Rooms: 4

Unit 2 Beds: 1

Unit 2 Baths: 1.0

Unit 2 Owner/Tenant Pays: Tenant Pays Electric, Tenant Pays Gas, Tenant Pays Water

Unit 2 Handicap: No

Unit 2 SqFt: 650

Unit 2 Rent: 2300

Unit 2 Room Description: Bedrooms, Kitchen, Laundry Room, Living Room

Unit 2 Security Deposit: 2300

Block Identifier: 5202

County Number: 23

Town Number: 2325

YB/Desc: 1906 - Renovated

Easement: No

Parking/Driveway Description: 2 Car Width, Blacktop

Block Identifier: 5202

County Number: 23

Town Number: 2325

Possession: POT

Taxes, Fees & Assessments

Gross Operating Income: 69600

Net Operating Income: 58728

Expense Include: Insurance, Taxes

Tax ID For Property: 2324-05202-0000-00001-0000-

Tax Amount: $6,892.00

Tax Year: 2025

Tax Rate: 1.760%

Tax Rate Year: 2025

Land Assessment: $312,700.00

Building Assessment: $269,800.00

Total Assessment: $582,500.00

FHA Age Restricted: No

Utilities

Water Heater: Electric, Gas

Heat Source: Gas-Natural

Heat System: 1 Unit

Cool System: 1 Unit

Water: Public Water, Water Charge Extra

Sewer: Public Sewer, Sewer Charge Extra

Utilities: Electric, Gas-Natural

Services: Cable TV Available, Fiber Optic Available, Garbage Included

Schools

Grade School: A.Hamilton

Middle School: Frelghuysn

High School: Morristown

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Listing Details

11 Cleveland St,Morristown Town, NJ 07960-3808

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