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$899,500
Est. payment /mo
9 Beds
4 Baths
3,049 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family, Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 4011619
Style Fourplex
Bedrooms 9
Full Baths 4
Year Built 1930
Annual Tax Amount $11,679
Tax Year 2024
Lot Size 3,049 Sqft
Property Description
Spacious 4 family corner property located opposite West Side Park in the desirable 07103 section of Newark. Features a 2/2/2/3 bedroom layout with 3 fully renovated 2 bedroom apartments showcasing modern kitchens, bathrooms, appliances and hardwood flooring throughout. The property is currently generating approximately $10,000 per month from the three renovated units. The remaining 3-bedroom unit requires renovation, presenting a strong value-add opportunity with projected gross income of approximately $15,000 per month once completed. Separate laundry, utilities, and mechanical units for each apartment provides efficiency and ease of management. The basement offers additional upside potential for possible conversion into two additional units (subject to municipal approval), or alternatively for laundry facilities, tenant storage, or bonus rooms to further enhance income. Ideal for investors seeking stable cash flow with future appreciation or an owner-occupant looking to offset their mortgage with rental income. Perfect for short-term rental strategy (subject to local regulations) or long-term hold. Conveniently located near the Garden State Parkway, Route 280, and major transportation routes with easy access to NJ Transit, Newark Penn Station, Newark Liberty International Airport, NJPAC, The Newark Museum of Art, Rutgers University, University Hospital, and NJIT. This building may qualify for a grant to assist with down payment or closing costs via our approved lenders.
Location
State NJ
County Essex
Zoning R4
Rooms
Basement Unfinished, Walkout
Interior
Interior Features Carbon Monoxide Detector, Fire Extinguisher, High Ceilings, Intercom, Security System, Smoke Detector, Tile Floors, Wood Floors
Heating Gas-Natural
Cooling 4Units, None
Heat Source Gas-Natural
Exterior
Exterior Feature Aluminum Siding, Brick
Utilities Available All Underground
Roof Type Asphalt Shingle
Building
Lot Description Level Lot
Sewer Public Sewer
Water Public Water
Architectural Style Fourplex
Others
Senior Community No
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Listed by RE/MAX FIRST REALTY II
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