400 Passaic AveEast Newark, NJ 07029
- Apartment buildings
- 0.91 AC
Property Details for 400 Passaic Ave
- Year built
- 2013
- Lot size
- 0.91 AC
- Property type
- Apartment buildings
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker?
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].