Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    303 Morris Ave Newark, NJ 07103

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,600,000

    Five lots approved for 27 units and commercial space.

    Lot size:
    0.28 Acres

    Property Features for 303 Morris Ave

    General Information

    Lot size
    0.28 Acres

    We can help!

    Listing Contact
    Daniel F. Santos
    Source: Elliman

    Listing Agent: Daniel F. Santos

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Development Opportunity in University Heights

    An unparalleled development opportunity is available in the University Heights section of Newark. The site consists of five contiguous lots at 303 Morris Ave. The property has shovel-ready approvals for a 27-unit residential building. The building plans also include approximately 5,500 square feet of ground-floor commercial space. The parcel is located in a transit-oriented neighborhood near universities and downtown Newark. The surrounding area features established apartment communities and academic facilities. This location provides strong rental demand and excellent walkability to transit, universities, and downtown Newark. This property is suited for developers and investors seeking a multifamily and retail project in a high-growth area.
    Location Intelligence

    Current Use by Public Records

    Land

    Suggested Use

    Realty agency Restaurant Building Supply Spa & Massage Law Firm Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Newark
    County
    Essex
    State
    New Jersey
    Longitude
    -74.1922552
    Latitude
    40.7367094

    Nearby Similar for Sale

    • New
      $569,000
      Pending

      Renovated Newark Multi-Family Home

      Fully renovated 2-family home in Newark, ideal for investors.
      366 Badger Ave, Newark, NJ 07112
      View Details
    • $4,000,000
      9,999 SF

      Newark City Commercial Investment Opportunity

      Commercial building in established Newark neighborhood, ideal for medical practices.
      461-467 Mount Prospect Ave, Newark, NJ 07104
      View Details
    • $1,492,000

      Unique Multifamily Property with Commercial Space

      Exquisite multifamily property featuring a commercial space and premium finishes.
      109 7Th St, Newark, NJ 07107
      View Details
    • $3,770,000
      9,120 SF

      Newark Multifamily Investment Opportunity

      Newly rebuilt, gut-renovated 14-unit apartment building in North Newark.
      155 Clifton Ave, Newark, NJ 07104
      View Details
    • New
      $749,900
      Pending

      Renovated Duplex in Weequahic Newark

      Newly renovated duplex in Newark's Weequahic section, ideal for investors.
      216 Peshine Ave, Newark, NJ 07108
      View Details
    • $797,000
      2,826 SF

      Renovated 3-Family Home, Newark, NJ

      Fully renovated 3-family property with modern finishes and strong rental income.
      811 S 13Th St S, Newark, NJ 07108
      View Details
    • $2,395,000
      11,724 SF

      Newark Multifamily Investment Opportunity

      Four fully occupied multifamily properties in Newark's developing neighborhood.
      37 Jay St, Newark, NJ 07103
      View Details
    • $829,000
      Pending

      Newark City Multi-Family Property

      Well-maintained, newer construction 3-family property in Newark's Upper Clinton Hill.
      129-131 Seymour Ave, Newark, NJ 07108
      View Details
    • $599,000
      1,768 SF

      Renovated Newark Multi-Family Home

      Fully renovated 2-family home in Newark, close to transportation.
      24-26 Irving Ave, Newark, NJ 07112
      View Details
    • $699,000
      2,440 SF

      Renovated Two-Family Home

      Turnkey Newark two-family home with rental income potential.
      59 Rose Ter, Newark, NJ 07108
      View Details
    • New
      $899,999

      New Construction Duplex with Abatement

      Newark duplex featuring modern finishes and a 5-year tax abatement.
      749 11Th St, Newark, NJ 07103
      View Details
    • $2,950,000
      0.20 Acres

      Newark Commercial Building For Sale

      17,360 sqft commercial building in Newark's Forrest Hill section.
      245-249 Verona Ave, Newark, NJ 07104
      View Details

    FAQs

    What type of property is this?
    Land - Five lots approved for 27 units and commercial space.
    Where is this land located?
    The property is located at 303 Morris Ave Newark, NJ.
    What is the asking price?
    The asking price for this property is $1,600,000.
    What are key features of this property?
    This property features: - Shovel-ready approvals for a **27-unit residential building with 5,500 SF of commercial space**.; - Five contiguous lots in Newark's University Heights.; - Strong rental demand due to proximity to universities and established apartment communities.
    (973) 921-1111
    Request Owner's contact information
    303 Morris Ave Newark, NJ 07103
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    303 Morris Ave
    Newark, NJ 07103
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    303 Morris Ave Newark, NJ 07103
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Daniel F. Santos
    (973) 921-1111
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.