Renovated Three-Family Newark
For Sale
$699,000
119 Littleton Ave, Newark, NJ 07103
Completely renovated three-family property in Newark, ideal for investors.
Property Size3,036 SF
Price / SF$230.24
Days on Market206
Property Features for 119 Littleton Ave
General Information
Standard status
Active
Size
3,036 SF
Property subtype
Multi-Family
Building Details
Year Built
1897
Listing Agency:
EXP REALTY, LLC
Listed By:
EDWENCE GEORGES · License #1648283
(866) 201-6210
Source:
Luminancerealty
Added: Mar 11
Changed: Sep 20
Last Checked: Oct 1 at 1:52PM
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 EXP REALTY, LLC
Investment Insights
Based on property information with market context.
This is a three-family property that was completely renovated in 2022. Each apartment features updated kitchens with stainless steel appliances, modern bathrooms, and new flooring. The property is located close to downtown Newark, Rutgers University, NJIT, and University Hospital. It is also near major highways (I-280, Garden State Parkway, I-78) and public transportation, with NJ Transit buses and Newark Penn Station nearby. This property is suitable for investors or owner-occupants looking to live in one unit and rent out the others.
Key Highlights
- Fully renovated in 2022, offering modern living spaces and updated amenities.
- Multi‑family property ideal for investors or owner‑occupants seeking rental income.
- Prime location near downtown Newark, Rutgers University, NJIT, and University Hospital.
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
$60,670
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
8.68%
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%
$1,213,400
$1.2M
Cap Rate 7%
$866,714
$866.7K
Cap Rate 9%
$674,111
$674.1K
Market Conditions
NOI Build-Up for 3,036 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
$91.1K $30.00/SF
− Vacancy
−$4.4K −$1.45/SF
EGI
$86.7K $28.55/SF
− OpEx
−$26.0K −$8.56/SF
NOI
$60.7K $19.98/SF
Area
ZIP 07103
Vacancy
4.84%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,213,400
Cap Rate 7%
$866,714
Cap Rate 9%
$674,111
Alternative Uses
Best Use
Multifamily LT 5
$866.7K
$758.4K – $1.01M
NOI $60,670 @ 7.0% cap · market cap 8.68%
Second Best
Apartment 5plus
$787.8K
$689.3K – $919.1K
NOI $55,145 @ 7.0% cap · market cap 7.89%
Theoretical Best
Office A
$1.09M
$950.2K – $1.27M
NOI $76,012 @ 7.0% cap · market cap 10.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,673
Businesses Nearby
Explore this area
Business Placement
Demographics for 07103, NJ
39,439
Population
13,832
Households
2.9
Avg Household Size
30
Median Age
21%
College-Educated
81%
High-School Grad
2.2 sq mi
ZIP Area
17,927
Density / Sq Mi
$42,397
Median Household Income
$34,278
Median Earnings
$1,289
Median Rent
$259,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Completely renovated three-family property in Newark, ideal for investors.
Where is this multifamily property located?
The property is located at 119 Littleton Ave Newark, NJ.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Fully renovated in 2022, offering modern living spaces and updated amenities.; Multi‑family property ideal for investors or owner‑occupants seeking rental income.; Prime location near downtown Newark, Rutgers University, NJIT, and University Hospital.
