15-19 Stone StNewark, NJ 07104

Property Details for 15-19 Stone St

Construction

BRICK

Lot size

0.12 AC

Property type

Residential income properties

Property subtype

Residential income homes

APN

14 00478-0000-00030

APU

1400478000000030

Description

This exceptional 16-unit apartment building at 15-19 Stone Street, Newark, NJ 07104, presents a compelling investment opportunity. Priced at $3,500,000, this four-story brick building boasts a 5% capitalization rate and is currently at full occupancy. Recent upgrades include new boilers, a certified elevator, and a modern sprinkler system, ensuring efficient operation and long-term value. The building comprises a diverse mix of units: twelve two-bedroom apartments, three three-bedroom apartments, and one one-bedroom apartment. Each unit features tile flooring, an eat-in kitchen, a spacious living room, and a bathroom, along with in-unit forced air heating and cooling. Located in a desirable Newark neighborhood, this property offers convenient access to amenities and is poised for continued strong rental income and potential appreciation. The meticulous maintenance and recent upgrades contribute to the building's strong financial performance and long-term profitability. This is a rare chance to acquire a well-maintained, high-occupancy multifamily property in a thriving Newark community. The building's solid foundation, combined with its desirable location and recent improvements, makes it an attractive investment for discerning buyers seeking stable returns and future growth potential. The property's strong financial performance, coupled with its location in a sought-after area, makes it an ideal addition to any investment portfolio. This is a turnkey opportunity to capitalize on the Newark real estate market's upward trajectory.

• CAP approach

  CAP return

  Valuation

  6%

  $1,064,407

  6.5%

  $982,530

  7%

  $912,349

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,051,499

  Geo Method

  $1,051,499

• Alternative Use

  Use

  Valuation

  Residential

  $982,530

  Hospitality

  $899,992

  Educational

  $748,783

  Medical

  $774,534

  Retail

  $1,164,773

Location Insight

City

Newark

County

Essex

State

New Jersey

Latitude

40.7518

Longitude

-74.1743

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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