30 Central Avenue
MADISON – 2017
HQM Properties, Inc. purchased this 4-family rental dwelling from a local landlord. The house was built in 1902 and required substantial renovations to bring it up to code for fire safety. A central monitoring fire alarm system and a fire suppression sprinkler system were installed. Other renovations included modernizing kitchens, replacing all flooring through the building, new HVAC & hot water heaters. This building has a 30-year deed restriction and offsets the Borough of Morris Plain’s state affordable housing obligation.
The total development cost for this project was $950,000 and was financed as follows:
HQM Properties, Inc. $750,000
Borough of Madison Affordable Housing Trust Fund $200,000