For Sale
$748,888

368 Summer Ave Newark, NJ 07104

18 Units, $133K Gross Annual Income

Property Records

Overview

Added:
Feb 3
Days on market:
85
This exceptional investment opportunity presents a licensed rooming house located in North Newark, conveniently situated near Branch Brook Park. The property boasts 18 individual units, generating a substantial gross annual income of $133,000. This translates to an attractive 8.4% capitalization rate, making it an ideal investment for those seeking steady cash flow and potential appreciation. The property sits on a 0.1-acre lot, offering ample space for the existing structure. The precise square footage of the building is not currently available. This established rooming house presents a turnkey investment opportunity in a desirable location. The strong rental income stream, coupled with the property's location near a significant park, makes this a compelling proposition for investors seeking a stable and potentially appreciating asset. The property's current operational status as a licensed rooming house provides immediate income generation, minimizing vacancy risks associated with new developments. Further due diligence is encouraged to fully assess the property's financial performance and potential. This is a rare chance to acquire a proven income-generating property in a thriving Newark neighborhood. Serious inquiries only.

Property Details for 368 Summer Ave

Property type
Commercial real estate
Year Built
1900
Lot Size (sq. ft)
4,356 SF

Location Insight

City
Newark
County
Essex
State
New Jersey
Latitude
40.7644
Longitude
-74.16923

FAQs

What type of property is this?
Commercial real estate - 18 Units, $133K Gross Annual Income
Where is the commercial real estate located?
The property is located at 368 Summer Ave Newark, NJ.
What is the asking price?
The asking price for this property is $748,888.
How can I contact the broker?
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368 Summer Ave
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