For Sale
$2,200,000
53 Madison St Newark, NJ 07105
8-unit apartment building, 7% cap rate.
Overview
- Added:
- Dec 11, 2024
- Days on market:
- 139
Highlights
- Value-Add Opportunity: Below-market rents offer significant income upside through lease renewals and unit upgrades.
- Strategic Location: Madison Street in Newark's North Ironbound, near major streets, train stations, colleges, University Hospital, and retail. Close proximity to NYC ports and Newark Liberty International Airport, Prudential Center, and Red Bull Arena.
- Transit-Oriented Location: Seconds from NJ Route 21, with easy access to major highways and multiple train stations (Newark Penn Station, NJPAC/Center Street, Newark Broad Street) and bus routes.
- Significant Higher Education Presence: Walking distance to Seton Hall Law, Rutgers Newark, NJIT, and Essex County College.
- Area Economic Driver: 2 miles from University Hospital, near Newark's Central Business District, Newark Bay, and Newark Liberty International Airport.
- Desirable Residential Units: Building features in-demand 2-bedroom units catering to workforce housing needs in Newark.
Property Details for 53 Madison St
- Property type
- Apartment buildings
- Buildings
- 1
- Stories
- 4
- Lot Size (sq. ft)
- 3,049 SF
- Units
- 8
Location Insight
- City
- Newark
- County
- Essex
- State
- New Jersey
- Latitude
- 40.7309929
- Longitude
- -74.1595283
Nearby Similar for Sale
FAQs
- What type of property is this?
- Apartment building - 8-unit apartment building, 7% cap rate.
- Where is the apartment building located?
- The property is located at 53 Madison St Newark, NJ.
- What is the asking price?
- The asking price for this property is $2,200,000.
- What are key features of this property?
- This property features: Value-Add Opportunity: Below-market rents offer significant income upside through lease renewals and unit upgrades.; Strategic Location: Madison Street in Newark's North Ironbound, near major streets, train stations, colleges, University Hospital, and retail. Close proximity to NYC ports and Newark Liberty International Airport, Prudential Center, and Red Bull Arena.; Transit-Oriented Location: Seconds from NJ Route 21, with easy access to major highways and multiple train stations (Newark Penn Station, NJPAC/Center Street, Newark Broad Street) and bus routes.
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