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Multifamily / Mixed Use Investment Property 638 Mount Prospect Ave 11 Unit Apartment Building For Sale Newark, NJ 07104
Investment Highlights
- 638 Mount Prospect Avenue is a fully occupied four-story mixed-use residential asset with an institutional medical anchor in Newark’s North Ward.
- New 10-year triple net (NNN) lease with a creditworthy tenant features built-in rent growth, ensuring stable, long-term income.
- Walkable to NJ Transit, Light Rail, and Broad Street Station, with direct access to Midtown Manhattan and major highways such as I-280 and GSP.
- Immediate cash flow; rent-controlled income from 11 stabilized residential units, including (3) HUD Section 8 voucher units, & an 8K SF retail space.
- Located on a prime corner in Forest Hill, a desirable historic district known for strong occupancy and long-term residential demand.
- Positioned within a dense trade area of 750,000 residents, renter-heavy demographics, and $8 billion in spending supporting long-term growth.
Executive Summary
Exceptional mixed-use investment opportunity in Newark's desirable Forest Hill neighborhood. The property consists of 11 residential apartments and an approximately 8,000-square-foot medical office occupied by a long-term tenant under a net lease, providing stable in-place income. The asset offers an attractive blend of immediate cash flow and long-term appreciation potential. Ideally located on highly traveled Mount Prospect Avenue with excellent visibility, convenient access to major highways, and close proximity to public transportation, shopping, and neighborhood amenities. Complete due diligence materials, including rent roll, leases, financial information, and Offering Memorandum, are available.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Third Party Reports
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$398,472
|
$18.66
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$398,472
|
$18.66
|
| Taxes |
$22,000
|
$1.03
|
| Operating Expenses |
$55,000
|
$2.58
|
| Total Expenses |
$77,000
|
$3.61
|
| Net Operating Income |
$321,472
|
$15.06
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $398,472 |
| Annual Per SF | $18.66 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $398,472 |
| Annual Per SF | $18.66 |
| Taxes | |
|---|---|
| Annual | $22,000 |
| Annual Per SF | $1.03 |
| Operating Expenses | |
|---|---|
| Annual | $55,000 |
| Annual Per SF | $2.58 |
| Total Expenses | |
|---|---|
| Annual | $77,000 |
| Annual Per SF | $3.61 |
| Net Operating Income | |
|---|---|
| Annual | $321,472 |
| Annual Per SF | $15.06 |
Property Facts
Amenities
Unit Amenities
- Dishwasher
- Storage Space
- Vinyl Flooring
Site Amenities
- Laundry Facilities
- Storage Space
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1 | 2 | - | - |
| 2+1 | 5 | - | - |
| 1+1 | 4 | - | - |
Exceptionally walkable
90/100
Moderately drivable
60/100
Strong public transit
80/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Total Assessment | $652,900 (2026) | |
| Land Assessment | $213,400 (2026) | Annual Taxes | $22,000 ($1.03/SF) |
| Improvements Assessment | $439,500 (2026) | Tax Year | 2025 |
Property Taxes
Parcel Numbers
Land Assessment
$213,400 (2026)
Improvements Assessment
$439,500 (2026)
Total Assessment
$652,900 (2026)
Annual Taxes
$22,000 ($1.03/SF)
Tax Year
2025
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Multifamily / Mixed Use Investment Property | 638 Mount Prospect Ave