Three-Unit Multifamily
For Sale
$804,900
Pending
111 Highland Avenue, Newark, NJ 07104
Multi-Family, Newark, NJ
Property Size4,396 SF
Lot Size0.05 Acres
Days on Market38
Property Features for 111 Highland Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 7, Bedroom 6, Bedroom 8, Bedroom 3, Bedroom 5, Bathroom 2, Bathroom 3, Bathroom 5, Basement, Bathroom 1, Bathroom 4, Bedroom 4, Bedroom 1, Bedroom 2
Parking
2
Basement
Full, Finished
Elementary school
Ivy Hill
High school
West Side
Directions
GPS
Standard status
Pending
APN
14-00538-0000-00055
Size
4,396 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8274
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2002
Floors in Building
3
Number of units
3
Listing Agency:
VRI Homes
Listed By:
William Chudzik
(732) 264-9593
Added: Aug 3
Changed: Sep 2
Last Checked: Sep 9 at 3:06AM
MLS# 22623824
Copyright © 2026 More MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 111 Highland Avenue in Newark, this triplex contains 4,396 square feet on a 0.05-acre lot. The building was constructed in 2002 and includes eight bedrooms, five bathrooms, and a basement, providing a substantial residential layout within a three-unit configuration. Central air conditioning and forced-air heating serve the property.
The property is fully rented and connected to public water and public sewer systems. Its Newark location places the asset within the 07104 postal area, with transportation, shopping, and entertainment referenced in the surrounding setting.
The property is fully rented and connected to public water and public sewer systems. Its Newark location places the asset within the 07104 postal area, with transportation, shopping, and entertainment referenced in the surrounding setting.
Key Highlights
- Triplex configuration with 4,396 square feet of building area
- Eight bedrooms and five bathrooms
- Built in 2002 on a 0.05‑acre lot
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
Multifamily LT 5
$1.07M
$935.6K – $1.25M
NOI $74,846 @ 7.0% cap · market cap 9.30%
Second Best
Apartment 5plus
$983.4K
$860.4K – $1.15M
NOI $68,835 @ 7.0% cap · market cap 8.55%
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
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,780
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?
Triplex - The 2002 building includes a basement, forced-air heat, central air, and public water and sewer.
Where is this triplex located?
The property is located at 111 Highland Avenue 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: Triplex configuration with 4,396 square feet of building area; Eight bedrooms and five bathrooms; Built in 2002 on a 0.05‑acre lot
