Three-Story 6-Unit Multifamily
For Sale
$1,100,000
41 Lentz Ave, Newark, NJ 07105
Three-story 6-unit building with all units configured as two-bedroom residences in fair condition.
Property Size3,600 SF
Price / SF$305.56
Days on Market64
Property Features for 41 Lentz Ave
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$8,941
Amenities
Central air
4+ Units Heating
Flat Roof
On-Street Parking
Rubberized Roof
Wall A/C Unit(s) Cooling
Building Details
Year Built
1920
Stories
3
Tenancy
Multi
Listing Agency:
EXIT REALTY LUCKY ASSOCIATES
(973) 817-7700
Listed By:
CANDIDO COUTO
(973) 277-2137
Source:
Corcoran
Added: Jul 4
Changed: Sep 4
Last Checked: Sep 4 at 7:18AM
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 EXIT REALTY LUCKY ASSOCIATES
Investment Insights
Based on property information with market context.
This three-story multifamily building contains six units, and each unit is configured as a two-bedroom layout. The property is reported in fair condition and presents an investment opportunity for buyers seeking a residential income building with multiple in-place units.
The building is located in Newark’s Ironbound area, with convenience to major highways, public transportation, schools, and local amenities. The remarks also note ongoing redevelopment activity in the market.
As offered, the property is positioned as a turnkey-style investment with long-term tenant support referenced in the seller’s comments. All details provided above are based on the information in the listing remarks.
The building is located in Newark’s Ironbound area, with convenience to major highways, public transportation, schools, and local amenities. The remarks also note ongoing redevelopment activity in the market.
As offered, the property is positioned as a turnkey-style investment with long-term tenant support referenced in the seller’s comments. All details provided above are based on the information in the listing remarks.
Key Highlights
- Three‑story 6‑unit residential building built in 1920
- All 6 units are configured as 2‑bedroom residences
- Property is described as being in fair condition
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
$55,243
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
5.02%
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%
$1,104,860
$1.1M
Cap Rate 7%
$789,186
$789.2K
Cap Rate 9%
$613,811
$613.8K
Market Conditions
NOI Build-Up for 3,600 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
$105.8K $29.40/SF
− Vacancy
−$5.4K −$1.50/SF
EGI
$100.4K $27.90/SF
− OpEx
−$45.2K −$12.56/SF
NOI
$55.2K $15.35/SF
Area
ZIP 07105
Vacancy
5.10%
Lease Rate
$29.40 /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%
$1,104,860
Cap Rate 7%
$789,186
Cap Rate 9%
$613,811
Alternative Uses
Best Use
Apartment 5plus
$789.2K
$690.5K – $920.7K
NOI $55,243 @ 7.0% cap · market cap 5.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,132 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,079
Businesses Nearby
Explore this area
Business Placement
Demographics for 07105, NJ
50,870
Population
20,608
Households
2.5
Avg Household Size
35
Median Age
15%
College-Educated
70%
High-School Grad
4.6 sq mi
ZIP Area
11,059
Density / Sq Mi
$55,752
Median Household Income
$33,175
Median Earnings
$1,600
Median Rent
$445,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-story 6-unit building with all units configured as two-bedroom residences in fair condition.
Where is this apartment building located?
The property is located at 41 Lentz Ave Newark, NJ.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Three‑story 6‑unit residential building built in 1920; All 6 units are configured as 2‑bedroom residences; Property is described as being in fair condition
