383 Mount Prospect AveNewark, NJ 07104

Property Details for 383 Mount Prospect Ave

Year built

1910

Lot size

0.46 AC

Property size (Sq ft)

5,887 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 6-unit apartment building, located at 383 Mt Prospect Ave in Newark, NJ, presents a compelling redevelopment opportunity. The property boasts 5,887 square feet on a 0.46-acre lot, featuring six units with a total of ten bedrooms and seven bathrooms. Built in 1910 and renovated ten years ago, the building offers classic charm combined with modern updates. Currently operating at 84% occupancy, the property generates a 6.00% cap rate with an asking price of $1,800,000. The property includes four parking spaces. Its prime location offers easy access to public transportation, major highways, Forest Hills, and Branch Brook Park, providing residents with convenient access to green spaces and commuting options. The permitted HiRise zoning unlocks significant potential for expansion and development, making this an ideal investment for those seeking a lucrative opportunity in a rapidly growing area. Enjoy breathtaking views of the New York City skyline. The building's five elegant fireplaces add to its unique character and appeal. This is a rare chance to acquire a multifamily property with substantial upside potential in a desirable Newark location. The property is owned by an LLC and is not subject to a ground lease.

Location Insight

City

Newark

County

Essex

State

New Jersey

Latitude

40.765

Longitude

-74.1706

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