16-Unit Two-Bedroom Apartment
For Sale
Contact for pricing
18 Jay Street, Newark, NJ 07103
Four-story 1930 brick building with all two-bedroom apartments near major Newark educational and medical employers.
Property Size7,840 SF
Price / SF$299.74
Days on Market112
Property Features for 18 Jay Street
General Information
Standard status
Active
Size
7,840 SF
Property subtype
Multifamily
Investment Type
Value Add
Additional Details
Multifamily Units
16
Building Details
Year Built
1930
Stories
4
Units
16
Tenancy
Multi
Listing Agency:
ICON Real Estate Advisors
Listed By:
David Oropeza · License #8633793
Source:
Crexi
Added: Jun 16
Changed: Sep 21
Last Checked: Oct 5 at 7:34PM
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 ICON Real Estate Advisors
Investment Insights
Based on property information with market context.
18 Jay Street is a 16-unit multifamily property in Newark, New Jersey. The four-story brick building was constructed in 1930 and is configured entirely as two-bedroom apartments, providing a consistent unit mix for residents.
The property is located near Rutgers University–Newark, NJIT, Essex County College, and University Hospital, placing it within an established educational and medical corridor. It is also described as minutes from Downtown Newark, Newark Penn Station, and major regional transportation routes, supporting convenient access throughout Northern New Jersey and New York City.
With its full complement of two-bedroom units, this asset may fit investors or operators seeking a straightforward residential income building near prominent higher education and healthcare institutions. The location’s access to regional transportation and the surrounding concentration of universities and healthcare entities are practical considerations for day-to-day leasing operations.
The property is located near Rutgers University–Newark, NJIT, Essex County College, and University Hospital, placing it within an established educational and medical corridor. It is also described as minutes from Downtown Newark, Newark Penn Station, and major regional transportation routes, supporting convenient access throughout Northern New Jersey and New York City.
With its full complement of two-bedroom units, this asset may fit investors or operators seeking a straightforward residential income building near prominent higher education and healthcare institutions. The location’s access to regional transportation and the surrounding concentration of universities and healthcare entities are practical considerations for day-to-day leasing operations.
Key Highlights
- 16‑unit multifamily building in Newark, NJ
- Four‑story 1930 brick building
- All units are two‑bedroom apartments
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$142,405
Cap Rate
6.06%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,848,100
$2.8M
Cap Rate 7%
$2,034,357
$2.0M
Cap Rate 9%
$1,582,278
$1.6M
Market Conditions
NOI Build-Up for 7,840 SF
Gross rent
$272.8K $34.80/SF
− Vacancy
−$13.9K −$1.77/SF
EGI
$258.9K $33.03/SF
− OpEx
−$116.5K −$14.86/SF
NOI
$142.4K $18.16/SF
Area
ZIP 07103
Vacancy
5.10%
Lease Rate
$34.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,848,100
Cap Rate 7%
$2,034,357
Cap Rate 9%
$1,582,278
Alternative Uses
Best Use
Apartment 5plus
$2.03M
$1.78M – $2.37M
NOI $142,405 @ 7.0% cap · market cap 6.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.80M
$2.45M – $3.27M
NOI $196,289 @ 7.0% cap · market cap 8.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
3,512
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Four-story 1930 brick building with all two-bedroom apartments near major Newark educational and medical employers.
Where is this apartment building located?
The property is located at 18 Jay Street Newark, NJ.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: 16‑unit multifamily building in Newark, NJ; Four‑story 1930 brick building; All units are two‑bedroom apartments
