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18 Ferry St
Newark, NJ 07105
Multifamily Property For Sale
·
6 Units
Property Facts
| No. Units | 6 | Lot Size | 0.06 AC |
| Property Type | Multifamily | Building Size | 7,200 SF |
| Property Subtype | No. Stories | 4 | |
| Apartment Style | Mid-Rise | Year Built | 1930 |
| Building Class | C | ||
| Zoning | 4A | ||
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 7,200 SF |
| No. Stories | 4 |
| Year Built | 1930 |
| Zoning | 4A |
About 18 FERRY ST , NEWARK, NJ 07105
4 story brick/stucco building currently occupied by 3 office tenants and 4 apartments in approximately 7,200 SF of rentable space. The current use is: 1st Floor: office tenant leased to Attorney; (1,800 SF of Rentable Space) 2nd Floor: office tenants (Attorney and Doctor's office) (850 SF per space) (Possible Conversion back to residential usage) 3rd Floor and 4th Floor: 2 Apartments per floor (850 SF per space) All of the tenants are responsible for paying their own utilities and the property has a current green card. There is significant upside potential in the rents on this property. The current average rent for the apartment units is $1108.00 per month. Comparable sized upgraded units in the area are renting out for at least $2.00/SF or $1700.00 per month. The property also has a Metro PCS Cell phone antenna. The rights to the antenna were sold to a 3rd party for a 10 year term in 2011. The revenue generated from this antenna will revert back to the owner of the property in September 2021 and should generate approximately $2,433 per month in additional income. Based on current zoning laws passed in the area there is also a possibility of adding additional units to the building by building up in the future.
Property Taxes
| Parcel Number | 14-00178-0000-00044 | Improvements Assessment | $519,000 |
| Land Assessment | $210,000 | Total Assessment | $729,000 |
Property Taxes
