House Description

Spacious 4 family corner property located opposite West Side Park in the desirable 07103 section of Newark. Features a 2/2/2/3 bedroom layout with 3 fully renovated 2 bedroom apartments showcasing modern kitchens, bathrooms, appliances and hardwood flooring throughout. The property is currently generating approximately $10,000 per month from the three renovated units. The remaining 3-bedroom unit requires renovation, presenting a strong value-add opportunity with projected gross income of approximately $15,000 per month once completed. Separate laundry, utilities, and mechanical units for each apartment provides efficiency and ease of management. The basement offers additional upside potential for possible conversion into two additional units (subject to municipal approval), or alternatively for laundry facilities, tenant storage, or bonus rooms to further enhance income. Ideal for investors seeking stable cash flow with future appreciation or an owner-occupant looking to offset their mortgage with rental income. Perfect for short-term rental strategy (subject to local regulations) or long-term hold. Conveniently located near the Garden State Parkway, Route 280, and major transportation routes with easy access to NJ Transit, Newark Penn Station, Newark Liberty International Airport, NJPAC, The Newark Museum of Art, Rutgers University, University Hospital, and NJIT. This building may qualify for a grant to assist with down payment or closing costs via our approved lenders.

Highlights

Listed by DARRELL BAILEY , MP RE/MAX FIRST REALTY II , 908-664-1500. Garden State MLS

Property Type

Multi-Family

Lot/Acreage

0.07

Year Built

1930

County

Essex

Listing ID

4011619

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Interior Features

Bedrooms and Bathrooms

▪ Bedrooms:9
▪ Bathrooms:4
▪ Full Bathrooms:4

Air Cond:4Units

Fireplaces:

Basement:Unfinished,Walkout

Other:Carbon Monoxide Detector,Fire Extinguisher,High Ceilings,Intercom,Security System,Smoke Detector,Tile Floors,Wood Floors

Other:Public Water

Payment Calculator

Payment Breakdown

Principal Interest

$4,578

Taxes

$973

Home Price

$899,500

Home Price

Loan Details

30 yrs

6.562%

Interest Rate

Loan Type

Down Payment

20%

$179,900

Down Payment

Down Payment %

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Monthly Price:

$4,577.74

Principal

Taxes