For Sale
$2,200,000

53 Madison StNewark, NJ 07105

8-unit apartment building, 7% cap rate.

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional value-add opportunity presents an eight-unit apartment building in Newark, New Jersey's North Ironbound neighborhood. The four-story brick building sits on a 0.07-acre lot and boasts 100% occupancy with a current NOI of $154,106 and a 7% cap rate. Each of the eight two-bedroom, one-bathroom units features separate meters for electricity, electric heat, and hot water (tenant-paid), while the landlord covers common area electric, water, and sewer. The building includes on-site tenant storage and a recently replaced roof (installed within the last three years). Located near two train stations, several colleges, University Hospital, and numerous restaurants and retailers, this property benefits from its proximity to major roadways, the ports of New York and New Jersey, and Newark Liberty International Airport. In-place rents are below market, offering significant upside potential through lease renewals and unit upgrades. The strong demographics of the area, with over 60,400 people within a one-mile radius and an average household income exceeding $86,000, further enhance the investment potential. Seller financing is available. The asking price is $2,200,000 ($275,000 per unit). This property is ideal for investors seeking strong returns and income growth in a thriving urban location.

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
53 Madison St, Newark, New Jersey

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53 Madison St
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