Fully Rented Multifamily
New
For Sale
$804,900
111 Highland Ave, Newark, NJ 07104
Multifamily property with existing occupancy and access to transportation, shopping, and entertainment.
Property Size4,396 SF
Days on Market6
Property Features for 111 Highland Ave
General Information
Standard status
Active
Size
4,396 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$8,274
Building Details
Building Size
4,396 SF
Year Built
2002
Units
3
Listing Agency:
Better Homes Realty
(732) 264-9593
Listed By:
William Chudzik
(732) 264-9593
Source:
Elliman
Added: Aug 5
Changed: Aug 6
Last Checked: Aug 9 at 7:16AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Better Homes Realty
Investment Insights
Based on property information with market context.
This multifamily property was built in 2002 and is fully rented, providing an established residential occupancy profile. The property is positioned near transportation, shopping, and entertainment options, supporting convenient day-to-day access for residents.
Walk Score is 85, categorized as Very Walkable. Transit Score is 70, categorized as Excellent Transit, while Bike Score is 51, categorized as Bikeable.
Walk Score is 85, categorized as Very Walkable. Transit Score is 70, categorized as Excellent Transit, while Bike Score is 51, categorized as Bikeable.
Key Highlights
- Fully rented multifamily property
- Built in 2002
- Walk Score of 85; Very Walkable
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$68,835
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.55%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,376,700
$1.4M
Cap Rate 7%
$983,357
$983.4K
Cap Rate 9%
$764,833
$764.8K
Market Conditions
NOI Build-Up for 4,396 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$131.9K $30.00/SF
− Vacancy
−$6.7K −$1.53/SF
EGI
$125.2K $28.47/SF
− OpEx
−$56.3K −$12.81/SF
NOI
$68.8K $15.66/SF
Area
ZIP 07104
Vacancy
5.10%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,376,700
Cap Rate 7%
$983,357
Cap Rate 9%
$764,833
Alternative Uses
Best Use
Apartment 5plus
$983.4K
$860.4K – $1.15M
NOI $68,835 @ 7.0% cap · market cap 8.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.39M
$1.22M – $1.62M
NOI $97,336 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,187
Businesses Nearby
Explore this area
Business Placement
Demographics for 07104, NJ
54,051
Population
21,762
Households
2.5
Avg Household Size
35
Median Age
21%
College-Educated
71%
High-School Grad
2.5 sq mi
ZIP Area
21,620
Density / Sq Mi
$51,199
Median Household Income
$36,139
Median Earnings
$1,343
Median Rent
$337,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Multifamily property with existing occupancy and access to transportation, shopping, and entertainment.
Where is this multifamily property located?
The property is located at 111 Highland Ave Newark, NJ.
What is the asking price?
The asking price for this property is $804,900.
What are key features of this property?
This property features: Fully rented multifamily property; Built in 2002; Walk Score of 85; Very Walkable
