573-575 Mount Prospect Ave | Newark, NJ 07104
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- LoopNet Team
573-575 Mount Prospect Ave
Newark, NJ 07104
Multifamily Property For Sale
·
27 Units
INVESTMENT HIGHLIGHTS
- Prime Forest Hill Location: The Property is located between Branch Brook Park and Broadway’s bustling retail corridor. Branch Brook Park is the town’s
- ?Amenities: Modern lobby, renovated building, well-kept grounds/landscaping, and on-site laundry
- Upside Potential: Below-market rents with considerable upside upon unit rollover
- ?Near Mass Transit: Located directly across the street from the NJ Transit Bus #27 & #99 (“MT Prospect Ave at East Delavan Ave” stop) and the Newark L
- Pristine Condition: The building is in excellent physical condition and has been very well maintained, evidenced by its continuous high occupancy
- Family Friendly: Near playgrounds, parks, restaurants, supermarkets, and religious facilities
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 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 5 | - | - |
| 1+1 | 5 | - | - |
| 2+1 | 7 | - | - |
| 3+1 | 9 | - | - |
| 4+1 | 1 | - | - |
PROPERTY TAXES
| Parcel Number | 14-00682-0000-00003 | Improvements Assessment | $2,210,000 |
| Land Assessment | $540,000 | Total Assessment | $2,750,000 |
PROPERTY TAXES
Parcel Number
14-00682-0000-00003
Land Assessment
$540,000
Improvements Assessment
$2,210,000
Total Assessment
$2,750,000
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