Newark Investment
For Sale
$900,000
Pending
391 Hawthorne Ave, Newark, NJ 07112
Turnkey property with rental income potential in Newark.
Property Size5,201 SF
Lot Size0.12 Acres
Days on Market219
Property Features for 391 Hawthorne Ave
General Information
Standard status
Pending
Size
5,201 SF
Lot size
0.12 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$14,574
Building Details
Building Size
5,201 SF
Year Built
1930
Stories
1
Units
3
Listing Agency:
REAL
Listed By:
CAROLINA CAMPBELL
(855) 450-0442
Source:
Elliman
Added: Mar 11
Changed: Oct 15
Last Checked: Oct 14 at 11:15PM
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 REAL
Investment Insights
Based on property information with market context.
This property in Newark presents an investment opportunity. The building includes three units, two of which are currently rented out on a NNN lease with a right of renewal after five years. Each unit has separate utility meters, with water divided among the three units. The roof was replaced in 2021, and newer hot water heaters have been installed. Each 1,500-square-foot unit includes a 1,000-square-foot basement for storage. Unit 1 is occupied by a community grocery store. Unit 2 was originally occupied by a deli and includes a walk-in cooler, stove, and other equipment that may be available. Unit 3 is also occupied. The owner of the building has the option to expand with first right of refusal on buildings next to the property.
Key Highlights
- Potential for $7,000/month rental income with all three units rented.
- Two units are currently rented on NNN leases with five years remaining and a right of renewal.
- Each unit has its own basement providing an additional 1,000 sqft of storage space.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$76,257
Cap Rate
8.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,525,140
$1.5M
Cap Rate 7%
$1,089,386
$1.1M
Cap Rate 9%
$847,300
$847.3K
Market Conditions
NOI Build-Up for 4,500 SF
Gross rent
$114.5K $25.44/SF
− Vacancy
−$5.5K −$1.23/SF
EGI
$108.9K $24.21/SF
− OpEx
−$32.7K −$7.26/SF
NOI
$76.3K $16.95/SF
Area
Newark, NJ
Vacancy
4.84%
Lease Rate
$25.44 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,525,140
Cap Rate 7%
$1,089,386
Cap Rate 9%
$847,300
Alternative Uses
Best Use
Multifamily LT 5
$1.09M
$953.2K – $1.27M
NOI $76,257 @ 7.0% cap · market cap 8.47%
Second Best
Apartment 5plus
$994.5K
$870.2K – $1.16M
NOI $69,618 @ 7.0% cap · market cap 7.74%
Theoretical Best
Office A
$1.59M
$1.40M – $1.86M
NOI $111,609 @ 7.0% cap · market cap 12.40%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Location Intelligence
Trade Area within ½ mile
1,287
Businesses Nearby
Explore this area
Business Placement
Demographics for 07112, NJ
29,773
Population
11,779
Households
2.5
Avg Household Size
34
Median Age
18%
College-Educated
86%
High-School Grad
1.4 sq mi
ZIP Area
21,266
Density / Sq Mi
$55,171
Median Household Income
$35,709
Median Earnings
$1,334
Median Rent
$306,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Turnkey property with rental income potential in Newark.
Where is this triplex located?
The property is located at 391 Hawthorne Ave Newark, NJ.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Potential for $7,000/month rental income with all three units rented.; Two units are currently rented on NNN leases with five years remaining and a right of renewal.; Each unit has its own basement providing an additional 1,000 sqft of storage space.
