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Multifamily

279 Mount Prospect Avenue

279 Mt Prospect Ave, Newark, NJ 07104

Listing Price: $5,825,000

Cap Rate
5.50%
Number of Units
35
Price/Unit
$166,429
Price/Gross SF
$187.90
Gross SF
31,000

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale 279 Mount Prospect Avenue in Newark. The multifamily brick building consists of 35 large apartments and has a strong, stabilized cash flow with 17% upside in existing rents. The property has upgraded units and common areas and has no deferred maintenance. 279 Mount Prospect Avenue is gated, has no deferred maintenance and is offered with attractive financing. The property is located one mile from Newark Penn Station, a major transportation hub, with a 35 minute door-to-door commute to Midtown Manhattan. It also stands one block from the Clinton Ave Bus Station and 12 miles from New York City. Additionally, 279 Mount Prospect Ave has easy access to Interstate 78 and Route 1&9, Routes 21 and the Garden State Parkway. 279 Mount Prospect Avenue is steps from Branch Brook Park and one of Newark’s most recognizable landmarks, the Cathedral Basilica of the Sacred Heart.

Investment Highlights

  • Existing rents are 17% below market rents
  • One mile from Broad Street Station with a 35 minute door-to-door commute to Midtown Manhattan
  • Upgraded units and common area

Exclusively Listed By

Financing By

Multifamily

279 Mount Prospect Avenue

Listing Price: $5,825,000

Cap Rate
5.50%
Number of Units
35
Price/Unit
$166,429
Price/Gross SF
$187.90
Gross SF
31,000

Investment Highlights

  • Existing rents are 17% below market rents
  • One mile from Broad Street Station with a 35 minute door-to-door commute to Midtown Manhattan
  • Upgraded units and common area

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale 279 Mount Prospect Avenue in Newark. The multifamily brick building consists of 35 large apartments and has a strong, stabilized cash flow with 17% upside in existing rents. The property has upgraded units and common areas and has no deferred maintenance. 279 Mount Prospect Avenue is gated, has no deferred maintenance and is offered with attractive financing. The property is located one mile from Newark Penn Station, a major transportation hub, with a 35 minute door-to-door commute to Midtown Manhattan. It also stands one block from the Clinton Ave Bus Station and 12 miles from New York City. Additionally, 279 Mount Prospect Ave has easy access to Interstate 78 and Route 1&9, Routes 21 and the Garden State Parkway. 279 Mount Prospect Avenue is steps from Branch Brook Park and one of Newark’s most recognizable landmarks, the Cathedral Basilica of the Sacred Heart.

Exclusively Listed By

Financing By

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