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Legal Three-Family Property with Basement Entry
For Sale
$700,000
Pending

366 7th Ave W, Newark, NJ 07107

Vacant legal three-family with separate basement entrance and detached garage, ready for a full cosmetic renovation.

Property Size6,300 SF
Days on Market91

Property Features for 366 7th Ave W

General Information

Standard status Pending
Size 6,300 SF
Total Parking Spaces 2
Property subtype Multi Family

Additional Details

Fenced Yard Yes
Multifamily Units 3

Taxes and HOA fees

Annual Taxes $8,441

Building Details

Year Built 1910
Units 3
Tenancy Multi
Listing Agency: United Real Estate
Listed By: WILLIAM T. HELFRICHT · License #298286
Source: Elliman
Added: Jun 1 Changed: Aug 23 Last Checked: Aug 29 at 9:57AM

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 United Real Estate

Investment Insights

Based on property information with market context.

This legal 3-family property offers a substantial residential layout configured with a total of 9 bedrooms and 3 full bathrooms across the main units. A finished basement adds additional flexible space, including 4 bonus rooms, a full bathroom, a half bath, and a separate entrance. The home also includes classic architectural character with high ceilings and abundant natural light, plus a large covered front porch. Outside, the property sits on an oversized fenced-in lot with an iron fence enclosure and gated entry, and includes a detached 2-car garage.

Located in Newark, the property is described as being near major transportation routes, shopping, schools, parks, and public transit, with easy access to NYC commuting options. It also notes separate utilities serving the different areas of the home. The property is currently vacant and requires a full cosmetic renovation, and the seller is offering it strictly as-is.

This is a practical fit for owner-occupants, investors, and contractors looking for an opportunity to renovate and customize a sizeable multi-family asset with internal flexibility created by the finished basement and separate entrance. The detached garage, fenced lot with gated access, and covered front porch add usable exterior and entry features that can support day-to-day residential needs during and after improvements. Buyer is responsible for all municipal certificates, inspections, and due diligence.

Key Highlights

  • Legal 3‑family home with 9 bedrooms and 3 full bathrooms across the main residential units
  • Finished full basement with 4 bonus rooms, a full bathroom, a half bath, and a separate entrance
  • Detached 2‑car garage plus large covered front porch

Property Analytics

Current Use

Triplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Computer & Electronic Repair Locksmith Acupuncture (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard

Location Intelligence

Trade Area within ½ mile

1,380
Businesses Nearby

Demographics for 07107, NJ

41,627
Population
16,084
Households
2.6
Avg Household Size
33
Median Age
13%
College-Educated
77%
High-School Grad
1.6 sq mi
ZIP Area
26,017
Density / Sq Mi
$49,892
Median Household Income
$35,700
Median Earnings
$1,259
Median Rent
$353,300
Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022
4.6% 2023
5.3% 2024
5.6% 2025
Rey
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Frequently Asked Questions

What type of property is this?
Triplex - Vacant legal three-family with separate basement entrance and detached garage, ready for a full cosmetic renovation.
Where is this triplex located?
The property is located at 366 7th Ave W Newark, NJ.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Legal 3‑family home with 9 bedrooms and 3 full bathrooms across the main residential units; Finished full basement with 4 bonus rooms, a full bathroom, a half bath, and a separate entrance; Detached 2‑car garage plus large covered front porch
More about this property
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