Investment Overview

Marcus & Millichap has been hired exclusively to market the sale of 372-380 N 11th St in Newark, New Jersey. The property consists of 9 units and is currently 100% occupied. Many big-ticket capital expenditures have been done at the building including a new roof, new boilers, plumbing, and electrical. All units received renovations with luxury finishes consisting of new floors, kitchens, bathrooms, etc. This is a great opportunity to acquire a turn-key apartment building in the highly sought after North Ward neighborhood of Newark. Although there is rent control in Newark, there is a city ordinance that allows the legal rent to be raised if rented to voucher tenants. Allowing additional upside to an investor with a strong entry yield. 378-380 N 11th St is across the street or within blocks of new developments, catalyzing property appreciation. The property is steps from Branch Brook Park and one of Newark’s most recognizable landmarks, the Cathedral Basilica of the Sacred Heart. The property have easy access to key employment centers of Downtown Newark. Major employers in Newark include the Prudential Center, Rutgers, New Jersey Institute of Technology (NJIT), Mars, PSEG, Panasonic, Saint Michael’s Medical, University Hospital, Gateway Group One and more. It is close to major international airports including Newark Liberty, JFK, and La Guardia.