Renovated Apartment
12 Patten Pl # 2, Newark, NJ 07112
For Sale
New
Contact for pricing
The 1,329-square-foot rental includes an updated eat-in kitchen and in-unit laundry.
Property Size1,329 SF
Price / SF$1.94
Days on Market2
Property Features for 12 Patten Pl # 2
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Highway Access
Road Access
Units
Unit Mix
Multifamily Units
Amenities
Full
Tile,Vinyl-Linoleum
Gas-Natural
3 Bedrooms,Bath Main,Foyer,Kitchen,Living Room,Porch,Storage Room,Sunroom
4 Or More Bedrooms,Bath Main,Foyer,Kitchen,Laundry Room,Living Room
4
In Unit
Carbon Monoxide Detector,Fire Extinguisher,Smoke Detector
City/Town Street
Level Lot
Public Water
30X100
0.07
Building Details
Year Built
Listing Agency:
(551) 239-8040
Listed By:
Justin Robinson
Source:
Skyrealtyintl
Added: Nov 8
Last Checked: Nov 9 at 8:38AM
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 Justin Robinson
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This renovated rental unit offers 1,329 square feet of interior space, with an updated eat-in kitchen, a full bath, and in-unit laundry. Interior finishes include tile and vinyl flooring, and the property has natural gas service.
The unit is in Newark’s Upper Clinton Hill section, near shopping and restaurants along Hawthorne Avenue. The Garden State Parkway and I-78 provide access to regional routes.
The unit is in Newark’s Upper Clinton Hill section, near shopping and restaurants along Hawthorne Avenue. The Garden State Parkway and I-78 provide access to regional routes.
Key Highlights
- 1,329‑square‑foot rental unit
- Renovated interior with an updated eat‑in kitchen
- In‑unit laundry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,560
Suggested Prices Based on Cap Rates
Cap Rate 5%
$411,200
$411.2K
Cap Rate 7%
$293,714
$293.7K
Cap Rate 9%
$228,444
$228.4K
Market Conditions
NOI Build-Up for 1,329 SF
Gross rent
$39.4K $29.64/SF
− Vacancy
−$2.0K −$1.51/SF
EGI
$37.4K $28.13/SF
− OpEx
−$16.8K −$12.66/SF
NOI
$20.6K $15.47/SF
Area
Newark, NJ
Vacancy
5.10%
Lease Rate
$29.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$411,200
Cap Rate 7%
$293,714
Cap Rate 9%
$228,444
Alternative Uses
Best Use
Apartment 5plus
$293.7K
$257.0K – $342.7K
NOI $20,560 @ 7.0% cap
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$470.9K
$412.0K – $549.4K
NOI $32,962 @ 7.0% cap
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
1
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,926
Businesses Nearby
Explore this area
Business Placement
Demographics for 07112, NJ
29,773
Population
11,779
Households
2.5
Avg Household Size
34
Median Age
18%
College-Educated
86%
High-School Grad
1.4 sq mi
ZIP Area
21,266
Density / Sq Mi
$55,171
Median Household Income
$35,709
Median Earnings
$1,334
Median Rent
$306,100
Median Home Value
Market
Average Price Trend$/SF for Multifamily properties in Newark, NJ
Properties on Market for Multifamily properties in Newark
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - The 1,329-square-foot rental includes an updated eat-in kitchen and in-unit laundry.
Where is this multifamily property located?
The property is located at 12 Patten Pl # 2 Newark, NJ.
What are key features of this property?
This property features: 1,329‑square‑foot rental unit; Renovated interior with an updated eat‑in kitchen; In‑unit laundry
