400 Passaic AveEast Newark, NJ 07029

Property Details for 400 Passaic Ave

Year built

2013

Lot size

0.91 AC

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 60-unit apartment building in East Newark, NJ, presents a compelling investment opportunity. Built in 2013, the four-story property boasts a 0.91-acre lot and features 1 and 2-bedroom residences with high-end finishes including cedarstone countertops and hardwood floors. Amenities include a fitness center, landscaped courtyard, and elegant lounge. Currently 100% occupied, the property offers significant upside potential with a $600+/month rent increase possibility and no rent control. The strong NOI of $1,114,090 (with a pro-forma NOI of $1,522,288) yields a 5.06% cap rate (pro-forma 6.92%). Conveniently located near the Harrison PATH station, providing quick access to NYC via train, the property is also close to major employers and amenities. The asking price is $22,000,000, representing a price per unit of $366,667. A 3.16% fixed-interest-rate assumable debt is available. This is a rare opportunity to acquire a high-performing multifamily asset in a thriving New Jersey market.

Location Insight

City

East Newark

County

Hudson

State

New Jersey

Latitude

40.75

Longitude

-74.164

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