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Multi-Family

The Lofts at NJIT

50 Sussex Ave, Newark, NJ 07103

Listing Price: $7,400,000

Lot Size
0.33 acres
Price/Acre
$22,424,242
Land Type
Land

Investment Overview

Marcus & Millichap is pleased to exclusively offer The Lofts at NJIT, a 203-unit multi-family development project in Newark, Essex County, New Jersey. The opportunity provides an investor the ability to develop adjacent to New Jersey Institute of Technology and Rutgers Newark campuses. The Lofts at NJIT are situated on 14,205 square feet of land that offers the right developer the opportunity to develop 203 units (market and affordable rate) units with ground floor retail space and sixteen covered parking spots. The dedicated off-street parking, convenient ground floor retail amenities and local attractions provide a market that supports quick lease-up after construction is completed. Ideally located across the street from New Jersey Institute of Technology and Rutgers Newark campuses with a combined enrollment of 23,129 students which are supported by faculty, administration and campus services. The location allows an investor to capitalize on the dense demographics of 414,001 people in a three-mile radius with an annual household income of $59,227.

Investment Highlights

  • 203 units across 15 floors consisting of market and affordable units
  • The covered ground level parking, ground floor retail, fitness center, tenant lounge with business center, tenant lounge and outdoor terrace located on the twelfth floor.
  • Located across the street from New Jersey Institute of Technology and Rutgers Newark campuses and within blocks of Saint Michael's Medical Center.

Exclusively Listed By

Listing Price: $7,400,000

Lot Size
0.33 acres
Price/Acre
$22,424,242
Land Type
Land

Investment Highlights

  • 203 units across 15 floors consisting of market and affordable units
  • The covered ground level parking, ground floor retail, fitness center, tenant lounge with business center, tenant lounge and outdoor terrace located on the twelfth floor.
  • Located across the street from New Jersey Institute of Technology and Rutgers Newark campuses and within blocks of Saint Michael's Medical Center.

Investment Overview

Marcus & Millichap is pleased to exclusively offer The Lofts at NJIT, a 203-unit multi-family development project in Newark, Essex County, New Jersey. The opportunity provides an investor the ability to develop adjacent to New Jersey Institute of Technology and Rutgers Newark campuses. The Lofts at NJIT are situated on 14,205 square feet of land that offers the right developer the opportunity to develop 203 units (market and affordable rate) units with ground floor retail space and sixteen covered parking spots. The dedicated off-street parking, convenient ground floor retail amenities and local attractions provide a market that supports quick lease-up after construction is completed. Ideally located across the street from New Jersey Institute of Technology and Rutgers Newark campuses with a combined enrollment of 23,129 students which are supported by faculty, administration and campus services. The location allows an investor to capitalize on the dense demographics of 414,001 people in a three-mile radius with an annual household income of $59,227.

Exclusively Listed By

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