773-775 Sanford Ave Newark, NJ 7106

This 12-unit multifamily property is located at 773-775 Sanford Avenue in Newark, New Jersey. The property is fully occupied, presenting investors with an opportunity to acquire a cash-flowing asset in a dynamic market with potential for stable operations and long-term appreciation. The stabilized occupancy ensures a predictable revenue stream. Situated on Newark’s west side, the property benefits from a primarily residential district served by South Orange Avenue, Springfield Avenue, and frequent bus service connecting to Newark Penn Station, Seton Hall University, and the Oranges. Proximity to I-280 and I-78 facilitates reverse commutes to suburban employment centers and provides quick connections to Downtown Newark and the airport/port complex. Greater Newark remains the most affordable submarket in North Jersey, with approximately 90 percent of its housing stock built before 1980. The location favors well-priced, renovated legacy assets. A significant share of residents lives below the poverty line, which limits demand for top-tier new construction but increases absorption at attainable rent levels. Newark's zoning modernization and selective tax incentives have spurred downtown high-rise development, which commands higher asking rents. This dynamic creates spillover demand from renters who are priced out of the core but still seek proximity to the same employment base and transit network. The property offers a 6.93% capitalization rate.