155 Clifton Ave, Newark, NJ 07104

Listing Agency: RE/MAX HERITAGE PROPERTIES Show Phone

Listed By: DULCE RUIVO · License NJ #268072 Show Phone

Source: Corcoran

Added: Mar 16 Changed: Aug 8 Last Checked: Aug 25 at 8:01AM

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Investment Insights

Based on property information with market context.

Located in the North Newark area, this property presents a rare investment opportunity. Situated directly across from the Cathedral Basilica of the Sacred Heart and near Branch Brook Park, the location offers convenient access to Route 280 and Newark Penn Station. The building has been newly rebuilt and gut-renovated, featuring 14 modern one-bedroom apartments. Each unit includes an open-concept layout, stainless steel appliances, washer and dryer hookups, and ceiling mini-split heating and cooling systems. The building features 9'6" ceiling heights on its three main floors and 8' doors throughout. The property qualifies for a 5-year tax abatement. The building's size is 9,120 square feet. Given the high market demand, there is an opportunity to start rents at competitive rates.

Key Highlights

• 5‑year tax abatement
• Newly rebuilt, gut‑renovated building with 14 modern one‑bedroom apartments**
• Prime location across from Cathedral Basilica and steps from Branch Brook Park

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$142,806

Cap Rate

4.10%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,856,120 $2.9M

Cap Rate 7%

$2,040,086 $2.0M

Cap Rate 9%

$1,586,733 $1.6M

Is this asking price fair?

Market Conditions

NOI Build-Up for 9,120 SF

Gross rent

$273.6K $30.00/SF

− Vacancy

−$14.0K −$1.53/SF

EGI

$259.6K $28.47/SF

− OpEx

−$116.8K −$12.81/SF

NOI

$142.8K $15.66/SF

Area

ZIP 07104

Vacancy

5.10%

Lease Rate

$30.00 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,856,120

Cap Rate 7%

$2,040,086

Cap Rate 9%

$1,586,733

Alternative Uses

Best Use

Apartment 5plus

$2.04M

$1.79M – $2.38M (±1% cap)

NOI $142,806 @ 7.0% cap · market cap 4.10%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.88M

$2.52M – $3.37M (±1% cap)

NOI $201,934 @ 7.0% cap · market cap 5.80%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Location Intelligence

Trade Area within ½ mile

1,891

Businesses Nearby

Explore this area Business Placement

Demographics for 07104, NJ

54,051

Population

21,762

Households

2.5

Avg Household Size

35

Median Age

21%

College-Educated

71%

High-School Grad

2.5 sq mi

ZIP Area

21,620

Density / Sq Mi

$51,199

Median Household Income

$36,139

Median Earnings

$1,343

Median Rent

$337,400

Median Home Value

Market

Average Price Trend$/SF for Apartment buildings in Newark, NJ

$257 Jul

$215 Aug

$208 Sep

$223 Oct

Properties on Market for Apartment buildings in Newark

Jul

Aug

Sep

Oct

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Newly rebuilt, gut-renovated 14-unit apartment building in North Newark.

Where is this apartment building located?

The property is located at 155 Clifton Ave Newark, NJ.

What is the asking price?

The asking price for this property is $3,480,000.

What are key features of this property?

This property features: 5‑year tax abatement; Newly rebuilt, gut‑renovated building with 14 modern one‑bedroom apartments**; Prime location across from Cathedral Basilica and steps from Branch Brook Park