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- LoopNet Team
573-575 Mount Prospect Ave
Newark, NJ 07104
Multifamily Property For Sale
·
27 Units
INVESTMENT HIGHLIGHTS
- Located directly across the street from the NJ Transit Bus #27 & #99 and the Newark Light Rail’s “Davenport Avenue” station.
PROPERTY FACTS
| No. Units | 27 | Lot Size | 0.52 AC |
| Property Type | Multifamily | Building Size | 20,000 SF |
| Property Subtype | Apartment | Average Occupancy | 100% |
| Apartment Style | Mid-Rise | No. Stories | 4 |
| Building Class | C | Year Built | 1928 |
| Zoning | N/Av | ||
| No. Units | 27 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.52 AC |
| Building Size | 20,000 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 1928 |
| Zoning | N/Av |
ABOUT 573-575 MOUNT PROSPECT AVE , NEWARK, NJ 07104
Besen Partners, as exclusive agent for Ownership, is pleased to offer for sale 573-575 Mt. Prospect Avenue (the “Property”); a 20,000± SF, 4-story, Tudor-style elevator apartment building comprised of 27 residential units. Located in the Forest Hill neighborhood of Newark, N.J., the Property was built circa 1928 and is situated on a .52 acre lot. The building includes on-site laundry and is located on the east side of Mt. Prospect Avenue between Delavan Avenue & Ballantine Parkway, which is just a short distance from the Newark Light Rail and McCarter Highway. Additionally, the Property is conveniently close to Branch Brook Park, Forest Hill Healthcare Facility, Cristo Rey Newark High School, and the bustling retail and foot-traffic along Broadway. Ownership has made significant capital improvements to the Property including a complete façade makeover, a fully refurbished roof, new elevator cables, and renovations to the lobby, common areas and mechanicals. This well-maintained property requires minimal capital expenditure, low maintenance costs, and attractive upside.
PROPERTY TAXES
| Parcel Number | 14-00682-0000-00003 | Improvements Assessment | $2,210,000 |
| Land Assessment | $540,000 | Total Assessment | $2,750,000 |
PROPERTY TAXES
