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6940 Rich Ave - Old Town Newark Development Site 0.92 Acres of Residential Land Offered at $5,195,000 in Newark, CA 94560
Investment Highlights
- Large development site located in the heart of Old Town Newark
- Apartment rents in Newark are up over 3.6% in the past year
- Short commute to major East Bay and Silicon Valley employment centers
- Potential to be developed with a mixed-use project up to 100 units per acre
- Ten minutes’ drive to Costco, Safeway, Sprouts Farmers Market, 99 Ranch, Grocery Outlet, and dozens of restaurants and services
Property Facts
| Price | $5,195,000 | Property Type | Land |
| Sale Type | Investment or Owner User | Property Subtype | Residential |
| Sale Condition | Redevelopment Project | Proposed Use | Single Family Development |
| No. Lots | 1 | Total Lot Size | 0.92 AC |
| Zoning | Commercial Mixed Use | ||
| Price | $5,195,000 |
| Sale Type | Investment or Owner User |
| Sale Condition | Redevelopment Project |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Proposed Use | Single Family Development |
| Total Lot Size | 0.92 AC |
| Zoning | Commercial Mixed Use |
1 Lot Available
Lot
| Price | $5,195,000 | Lot Size | 0.92 AC |
| Price Per AC | $5,616,495.52 |
| Price | $5,195,000 |
| Price Per AC | $5,616,495.52 |
| Lot Size | 0.92 AC |
Description
MIXED-USE REDEVELOPMENT SITE 6940 Rich Avenue is an approximately 0.92-acre redevelopment site in the heart of Old Town Newark. The zoning for the site allows residential development at densities between 30 dwelling units per acre and 100 dwelling units per acre. STRONG RENTAL MARKET According to Costar, the average rent in Newark was $2,195 at the end of the second quarter 2026. This marks the highest rent in the last 10 years and a 3.6% increase over the rent one year prior. With no new market-rate apartment projects currently under construction, rents are expected to continue increasing. EXCELLENT DEMOGRAPHICS The neighborhood has projected population growth and strong income demographics. The population within three miles of the site is expected to grow 3.0% over the next five years. As of 2025, the median household income within three miles was estimated at $167,060. Both measures are favorable for new multi-family residential development. PROXIMATE TO RETAIL AMENITIES The subject property is less than ten minutes’ drive to several major shopping centers. Costco, Safeway, Sprouts Farmers Market, Grocery Outlet, 99 Ranch, and Lion Market are all nearby. Additionally, there are dozens of restaurants, shops, and service businesses in the neighborhood. MAJOR EMPLOYERS Newark is part of the extended Silicon Valley region and major employers in the region are in the high tech sector, including manufacturing. Tesla, Lucid Motors, LAM Research, Quanta Computers, Synnex Corporation, Western Digital, WorldPac, Amazon, KNT Manufacturing, Smart Modular Technologies, and Seagate Technology all have large facilities nearby. ACCESS TO OUTDOOR RECREATION There are 15 parks and sports facilities in Newark, ranging from neighborhood parks all the way up to an indoor recreation and swimming facility. Newark is located on the San Francisco Bay and there are miles of trails along the Bay. The site is also a short drive from Coyote Hill Regional Park and several regional parks in the hills above Fremont.
Contacts
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Joshua Johnson -
Omid Azimzadeh -
Kirk Trammell -
Mitchell Zurich -
Marcus & Millichap
