Three-Family Home with Development
For Sale
$1,700,000
215 Littleton Ave, Newark, NJ 07103
Triplex set on a 75 x 100 ft lot with zoning flexibility for varied development uses.
Property Size7,800 SF
Lot Size0.17 Acres
Days on Market95
Property Features for 215 Littleton Ave
General Information
Standard status
Active
Size
7,800 SF
Total Parking Spaces
6
Lot size
0.17 Acres
Property subtype
Commercial
Zoning
R-2
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,761
Building Details
Building Size
7,800 SF
Year Built
1910
Stories
3
Units
3
Tenancy
Multi
Listing Agency:
Listed By:
MEHREEN KHAN
Source:
Elliman
Added: May 9
Changed: Aug 8
Last Checked: May 10 at 5:52AM
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 MEHREEN KHAN
Investment Insights
Based on property information with market context.
This property is configured as a three-family home on a generously sized 75 x 100 ft lot. The existing structure features 11 bedrooms, 5 bathrooms, and 6 garages, along with a partially finished basement. The current value is primarily attributed to the land size and associated development potential.
The site is located near University Hospital. Zoning is identified as R-2, which the listing notes provides commercial potential and strong development flexibility.
Buyers should note the owner is not under pressure to sell and is seeking serious, qualified buyers. Tenant privacy should be respected; occupants are not to be disturbed.
The site is located near University Hospital. Zoning is identified as R-2, which the listing notes provides commercial potential and strong development flexibility.
Buyers should note the owner is not under pressure to sell and is seeking serious, qualified buyers. Tenant privacy should be respected; occupants are not to be disturbed.
Key Highlights
- 75 x 100 ft lot with zoning flexibility for varied development uses
- Existing three‑family home with 11 bedrooms, 5 bathrooms, and 6 garages
- Partially finished basement included
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
$155,872
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
9.17%
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%
$3,117,440
$3.1M
Cap Rate 7%
$2,226,743
$2.2M
Cap Rate 9%
$1,731,911
$1.7M
Market Conditions
NOI Build-Up for 7,800 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
$234.0K $30.00/SF
− Vacancy
−$11.3K −$1.45/SF
EGI
$222.7K $28.55/SF
− OpEx
−$66.8K −$8.56/SF
NOI
$155.9K $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%
$3,117,440
Cap Rate 7%
$2,226,743
Cap Rate 9%
$1,731,911
Alternative Uses
Best Use
Multifamily LT 5
$2.23M
$1.95M – $2.60M
NOI $155,872 @ 7.0% cap · market cap 9.17%
Second Best
Apartment 5plus
$2.02M
$1.77M – $2.36M
NOI $141,678 @ 7.0% cap · market cap 8.33%
Theoretical Best
Office A
$2.79M
$2.44M – $3.25M
NOI $195,287 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,641
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
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 - Triplex set on a 75 x 100 ft lot with zoning flexibility for varied development uses.
Where is this triplex located?
The property is located at 215 Littleton Ave Newark, NJ.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 75 x 100 ft lot with zoning flexibility for varied development uses; Existing three‑family home with 11 bedrooms, 5 bathrooms, and 6 garages; Partially finished basement included
