North Newark Multifamily Investment
For Sale
$3,480,000
155 Clifton Ave, Newark, NJ 07104
Newly rebuilt, gut-renovated 14-unit apartment building in North Newark.
Property Size9,120 SF
Lot Size0.11 Acres
Price / SF$381.58
Days on Market148
Property Features for 155 Clifton Ave
General Information
Standard status
Active
Size
9,120 SF
Lot size
0.11 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$9,307
Amenities
Central air
Ductless Split AC Cooling
Rubberized Roof
Building Details
Year Built
9999
Listing Agency:
RE/MAX HERITAGE PROPERTIES
(908) 879-4700
Listed By:
DULCE RUIVO · License #572453
Source:
Corcoran
Added: Mar 16
Changed: Aug 8
Last Checked: Aug 8 at 6:26AM
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 RE/MAX HERITAGE PROPERTIES
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 = 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
$142,806
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
4.10%
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%
$2,856,120
$2.9M
Cap Rate 7%
$2,040,086
$2.0M
Cap Rate 9%
$1,586,733
$1.6M
Market Conditions
NOI Build-Up for 9,120 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
$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 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%
$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
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
NOI $201,934 @ 7.0% cap · market cap 5.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,213
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
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
