284 2nd Ave Newark City Newark, NJ 07107
Vacant, fully renovated two-family residence with updated kitchens, modern finishes, and six off-street parking spaces.
Property Features for 284 2nd Ave Newark City
General Information
- Standard status
- Active
- Size
- 1,764 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1962
Listing office (609) 891-3848
Listing date Jun 30, 2026
Source Remaxwelcomehomenj
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All listing content including descriptions, pricing, images are the copyrighted material of Sabrina Chell
Investment Insights
Based on property information with market context.
The property is set on a 3,498 sq ft lot and includes six off-street parking spaces, which can be a practical benefit for residents and day-to-day access. The home’s configuration as a duplex provides two separate living units within a single ownership structure.
For tenants, the layout supports comfortable independent living with similar updates in both units. For buyers seeking a residential income property, the turnkey interior improvements and the fact that it is ready to welcome tenants can reduce the need for near-term renovations. The two-unit format also offers operational flexibility compared with single-family ownership.
Key Highlights
- Vacant, fully renovated 2‑family home in Newark’s North Ward
- 1,764 sq ft total living space (built in 1962) with a finished basement
- Two units: Unit 1 has 5 beds/2 baths; Unit 2 has 3 beds/1 bath
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $45.5k | $25.80 |
| − Vacancy | −$2.5k | −$1.42 |
| EGI | $43.0k | $24.38 |
| − OpEx | −$12.9k | −$7.31 |
| NOI | $30.1k | $17.07 |
