Three-Unit Residential Income
For Sale
$699,000
480 South 17th Street, Newark, NJ 07103
Well-maintained 2004-built multi-family home with two main units and a finished lower-level apartment.
Property Size1,276 SF
Price / SF$547.81
Days on Market170
Property Features for 480 South 17th Street
General Information
Standard status
Active
Size
1,276 SF
Property subtype
Multi Family / 2-Two Story
Site & Location
Neighborhood
West Side
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,729
Amenities
Yes
Asphalt Shingle
Finished
Aluminum Siding
Building Details
Year Built
2004
Tenancy
Multi
Listing Agency:
COLDWELL BANKER REALTY
Listed By:
HA LIM LEE · License #401944
(201) 445-9400
Source:
Compass
Added: May 8
Changed: Oct 11
Last Checked: Oct 23 at 9:49AM
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 COLDWELL BANKER REALTY
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Investment Insights
Based on property information with market context.
Built in 2004, this well-maintained multi-family residential income property offers an expanded layout split across two identical, light-filled units on the first and second floors. Each of the main units includes three bedrooms, two full bathrooms, a large kitchen with abundant counter space, and strong natural light.
A fully finished lower level adds a self-contained one-bedroom, one-bathroom apartment with its own kitchen and living area, creating flexibility for additional household use.
The property totals seven bedrooms and five bathrooms and is presented for immediate revenue generation, with a configuration designed to support multiple living areas under one roof.
A fully finished lower level adds a self-contained one-bedroom, one-bathroom apartment with its own kitchen and living area, creating flexibility for additional household use.
The property totals seven bedrooms and five bathrooms and is presented for immediate revenue generation, with a configuration designed to support multiple living areas under one roof.
Key Highlights
- Built in 2004, this well‑maintained multi‑family home includes two identical main units plus a finished lower‑level apartment.
- Each main unit has 3 bedrooms and 2 full bathrooms, with a large kitchen and abundant natural light.
- Finished lower‑level adds a 1‑bedroom, 1‑bathroom apartment with its own independent kitchen and living area.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,499
Cap Rate
3.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$509,980
$510.0K
Cap Rate 7%
$364,271
$364.3K
Cap Rate 9%
$283,322
$283.3K
Market Conditions
NOI Build-Up for 1,276 SF
Gross rent
$38.3K $30.00/SF
− Vacancy
−$1.9K −$1.45/SF
EGI
$36.4K $28.55/SF
− OpEx
−$10.9K −$8.56/SF
NOI
$25.5K $19.98/SF
Area
ZIP 07103
Vacancy
4.84%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$509,980
Cap Rate 7%
$364,271
Cap Rate 9%
$283,322
Alternative Uses
Best Use
Multifamily LT 5
$364.3K
$318.7K – $425.0K
NOI $25,499 @ 7.0% cap · market cap 3.65%
Second Best
Apartment 5plus
$331.1K
$289.7K – $386.3K
NOI $23,177 @ 7.0% cap · market cap 3.32%
Theoretical Best
Office A
$456.4K
$399.3K – $532.5K
NOI $31,947 @ 7.0% cap · market cap 4.57%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,389
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Well-maintained 2004-built multi-family home with two main units and a finished lower-level apartment.
Where is this triplex located?
The property is located at 480 South 17th Street Newark, NJ.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Built in 2004, this well‑maintained multi‑family home includes two identical main units plus a finished lower‑level apartment.; Each main unit has 3 bedrooms and 2 full bathrooms, with a large kitchen and abundant natural light.; Finished lower‑level adds a 1‑bedroom, 1‑bathroom apartment with its own independent kitchen and living area.
