Skip to main content

Multifamily

316-318 Mount Prospect Ave, Newark

316 Mt Prospect Ave, Newark, NJ 07104

Listing Price: $1,243,000

Cap Rate
5.84%
Number of Units
8
Price/Unit
$155,375
Price/Gross SF
$155.38
Gross SF
8,000

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale 316-318 Mount Prospect Avenue in Newark. The brick building consists of 8 large apartments and has a strong, stabilized cash flow with 29% upside in existing rents. The property has recently converted building heat from oil to individual, independently-metered wall mounted in-unit heat and hot water. Additionally, it has been updated with new stairways, entry way and foyer. 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 17 miles from New York City. Additionally, 316-318 Mount Prospect Avenue has easy access to Interstate 78 and Route 1&9, Routes 21 and the Garden State Parkway. 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 has quick 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. (See page 14 for location of 316-318 Mt Prospect Avenue in relation to employers and transit). The property is also situated closely to major international airports including Newark Liberty, JFK and La Guardia. Mount Prospect Avenue, located in the Mount Pleasant/Lower Broadway neighborhood, is one of Newark’s most highly sought after areas.

Investment Highlights

  • Existing rents are 29% below market rents
  • One mile from Broad Street Station with a 35 minute door-to-door commute to Midtown Manhattan
  • Upgraded stairways, entryway and foyer
  • 17 miles to Midtown Manhattan – 30 minute drive

Exclusively Listed By

Multifamily

316-318 Mount Prospect Ave, Newark

Listing Price: $1,243,000

Cap Rate
5.84%
Number of Units
8
Price/Unit
$155,375
Price/Gross SF
$155.38
Gross SF
8,000

Investment Highlights

  • Existing rents are 29% below market rents
  • One mile from Broad Street Station with a 35 minute door-to-door commute to Midtown Manhattan
  • Upgraded stairways, entryway and foyer
  • 17 miles to Midtown Manhattan – 30 minute drive

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale 316-318 Mount Prospect Avenue in Newark. The brick building consists of 8 large apartments and has a strong, stabilized cash flow with 29% upside in existing rents. The property has recently converted building heat from oil to individual, independently-metered wall mounted in-unit heat and hot water. Additionally, it has been updated with new stairways, entry way and foyer. 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 17 miles from New York City. Additionally, 316-318 Mount Prospect Avenue has easy access to Interstate 78 and Route 1&9, Routes 21 and the Garden State Parkway. 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 has quick 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. (See page 14 for location of 316-318 Mt Prospect Avenue in relation to employers and transit). The property is also situated closely to major international airports including Newark Liberty, JFK and La Guardia. Mount Prospect Avenue, located in the Mount Pleasant/Lower Broadway neighborhood, is one of Newark’s most highly sought after areas.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower