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493-495 Irvine Turner Blvd 6 Unit Apartment Building $1,250,000 ($208,333/Unit) 7.80% Cap Rate Newark, NJ 07108
EXECUTIVE SUMMARY
Building was gut renovated +- 6 years ago. It's 3 stories plus full basement and consist of 6 apartments. 5 are 3 BR, 1-1/2 Bath. 1 is 2 BR, 1-1/2 Bath. The building is fully sprinklered, has a cctv system and a laundry room. Each unit is separately metered and has central HVAC. There is parking on site plus garages. Location is close to public transportation, downtown Newark, I78/24 & Newark Airport. Basement is large & a buyer might be able to build out 1 or 2 additional apartments. Rents are below market.
Great potential with lots of upside.
Great potential with lots of upside.
PROPERTY FACTS
| Price | $1,250,000 | Building Class | C |
| Price Per Unit | $208,333 | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 6,000 SF |
| Cap Rate | 7.80% | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1950/2016 |
| Property Subtype | Apartment | Parking Ratio | 1.17/1,000 SF |
| Price | $1,250,000 |
| Price Per Unit | $208,333 |
| Sale Type | Investment |
| Cap Rate | 7.80% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 6,000 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1950/2016 |
| Parking Ratio | 1.17/1,000 SF |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1.5 | 1 | - | - |
| 3+1.5 | 5 | - | - |
1 1
Walk Score®
Very Walkable (73)
PROPERTY TAXES
| Parcel Number | 14-02701-0000-00041 | Improvements Assessment | $80,000 |
| Land Assessment | $120,000 | Total Assessment | $200,000 |
PROPERTY TAXES
Parcel Number
14-02701-0000-00041
Land Assessment
$120,000
Improvements Assessment
$80,000
Total Assessment
$200,000
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Presented by
Metropolitan Mortgage and Realty, Inc.
493-495 Irvine Turner Blvd
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