Multi-Family
Old Town Newark Development Site
6940 Rich Ave, Newark, CA 94560
Listing Price: $5,195,000
Investment Overview
6940 Rich Avenue is an approximately 0.92-acre redevelopment site in the heart of Old Town Newark. The zoning for the site allows residential development at densities between 30 dwelling units per acre and 100 dwelling units per acre.
According to Costar, the average rent in Newark was $2,195 at the end of the second quarter 2026. This marks the highest rent in the last 10 years and a 3.6% increase over the rent one year prior. With no new market-rate apartment projects currently under construction, rents are expected to continue increasing.
Old Town Newark Development Site
Investment Highlights
- Large development site located in the heart of Old Town Newark
- Potential to be developed with a mixed-use project up to 100 units per acre
- Ten minutes' drive to Costco, Safeway, Sprouts Farmers Market, 99 Ranch, Grocery Outlet, and dozens of restaurants and services
Exclusively Listed By
Listing Price: $5,195,000
Investment Highlights
- Large development site located in the heart of Old Town Newark
- Potential to be developed with a mixed-use project up to 100 units per acre
- Ten minutes' drive to Costco, Safeway, Sprouts Farmers Market, 99 Ranch, Grocery Outlet, and dozens of restaurants and services
Investment Overview
6940 Rich Avenue is an approximately 0.92-acre redevelopment site in the heart of Old Town Newark. The zoning for the site allows residential development at densities between 30 dwelling units per acre and 100 dwelling units per acre. According to Costar, the average rent in Newark was $2,195 at the end of the second quarter 2026. This marks the highest rent in the last 10 years and a 3.6% increase over the rent one year prior. With no new market-rate apartment projects currently under construction, rents are expected to continue increasing.
Exclusively Listed By
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