302-304 3Rd StEast Newark, NJ 07029

Property Details for 302-304 3Rd St

Property size (Sq ft)

14,850 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 20-unit apartment building in East Newark, New Jersey, presents a compelling value-add opportunity. Located at 302-304 N 3rd St, 07029, this multifamily property boasts 14,850 square feet and offers a strong 6.32% cap rate with a current NOI of $312,694. The asking price is $4,950,000. The building comprises a mix of studio, one-, and two-bedroom apartments, with eight units already renovated by the current owner. Significant upside potential exists, with an average rent of $1,831 compared to a market rent of $2,531, representing a substantial $700+ difference per unit upon turnover. Recent improvements include a new roof (2022), brick repointing, and repainted fire escapes. The building also features a laundry facility in the basement. Landlord pays for heat, hot water, water/sewer, and common area electricity. Conveniently located, it's a short walk to public transportation providing easy access to Midtown Manhattan. There is no rent control. This property is an ideal investment for those seeking strong cash flow and significant appreciation potential. The building's solid foundation, coupled with the substantial rental upside, makes this a truly remarkable opportunity in a thriving market. This is a rare chance to acquire a well-maintained multifamily property with immediate income and significant long-term growth prospects.

Location Insight

City

East Newark

County

Hudson

State

New Jersey

Latitude

40.7485

Longitude

-74.1587

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