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47-53 Milford Ave 18 Unit Apartment Building $4,425,000 ($245,833/Unit) 6.73% Cap Rate Newark, NJ 07108
Investment Highlights
- 18-unit multifamily with 38% vacancy and 10% rental upside for value-add investors.
- Attractive 6.73% cap rate and $297,054 NOI with pro forma upside.
- Prime Newark location, 5-minute walk to bus stop and easy access to Manhattan.
- All units renovated with strong two- and three-bedroom unit mix for tenant appeal.
- Tenants pay all utilities except water/sewer and common area electric.
- Brick construction, separately metered units, and landlord-friendly expense structure.
Executive Summary
Patrick Forde
Matthews Real Estate Investment Services, Inc
License # 2330333, 122887 (NJ)
300 Frank W Burr Blvd, Suite 440 Teaneck, NJ 07666
(866) 889-0550
Matthews Real Estate Investment Services, Inc
License # 2330333, 122887 (NJ)
300 Frank W Burr Blvd, Suite 440 Teaneck, NJ 07666
(866) 889-0550
Property Facts
| Price | $4,425,000 | Apartment Style | Low-Rise |
| Price Per Unit | $245,833 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.33 AC |
| Cap Rate | 6.73% | Building Size | 17,400 SF |
| No. Units | 18 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1960 |
| Zoning | R-3 | ||
| Price | $4,425,000 |
| Price Per Unit | $245,833 |
| Sale Type | Investment |
| Cap Rate | 6.73% |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 17,400 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1960 |
| Zoning | R-3 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Sprinkler System
- Range
- Tub/Shower
- Smoke Free
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Smoke Free
- Walk-Up
- Smoke Detector
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Walk Score®
Very Walkable (71)
Property Taxes
| Parcel Number | 14-02673-0000-00004 | Improvements Assessment | $1,250,000 |
| Land Assessment | $380,000 | Total Assessment | $1,630,000 |
Property Taxes
Parcel Number
14-02673-0000-00004
Land Assessment
$380,000
Improvements Assessment
$1,250,000
Total Assessment
$1,630,000
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47-53 Milford Ave
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