Nine-Unit Apartment
For Sale
Contact for pricing
487-489 18th Avenue, Newark, NJ 07103
Three-story multifamily property with varied apartment layouts and on-street parking.
Property Size7,100 SF
Lot Size0.06 Acres
Price / SF$232.39
Days on Market122
Property Features for 487-489 18th Avenue
General Information
Standard status
Active
Size
7,100 SF
Lot size
0.06 Acres
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$123,075
Units
Unit Mix
7 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
9
Additional Details
Highway Access
Yes
Building Details
Buildings
1
Stories
3
Units
9
Listing Agency:
Horvath & Tremblay
Listed By:
Michael Lombardi · License #0569706
(201) 215-1801
Source:
Crexi
Added: May 4
Changed: Aug 31
Last Checked: Sep 1 at 10:25PM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
This three-story apartment property contains nine residential units within approximately 7,100 square feet. The unit mix includes seven 2-bedroom/1-bathroom apartments and two 1-bedroom/1-bathroom apartments, offering a combination of layouts in one building. The property occupies a 0.06-acre parcel with on-street parking.
Located on 18th Avenue in Newark’s West Side, the building is near neighborhood retail corridors, local employment centers, and surrounding residential communities. South Orange Avenue and Springfield Avenue provide nearby roadway connections, while Interstate 280 and the Garden State Parkway extend access across Essex County and toward New York City.
Located on 18th Avenue in Newark’s West Side, the building is near neighborhood retail corridors, local employment centers, and surrounding residential communities. South Orange Avenue and Springfield Avenue provide nearby roadway connections, while Interstate 280 and the Garden State Parkway extend access across Essex County and toward New York City.
Key Highlights
- Seven 2‑bedroom/1‑bathroom units and two 1‑bedroom/1‑bathroom units
- Three‑story building containing 9 apartment units
- Approximately 7,100 square feet on a 0.06‑acre parcel
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
$128,963
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
7.82%
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%
$2,579,260
$2.6M
Cap Rate 7%
$1,842,329
$1.8M
Cap Rate 9%
$1,432,922
$1.4M
Market Conditions
NOI Build-Up for 7,100 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
$247.1K $34.80/SF
− Vacancy
−$12.6K −$1.77/SF
EGI
$234.5K $33.03/SF
− OpEx
−$105.5K −$14.86/SF
NOI
$129.0K $18.16/SF
Area
ZIP 07103
Vacancy
5.10%
Lease Rate
$34.80 /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%
$2,579,260
Cap Rate 7%
$1,842,329
Cap Rate 9%
$1,432,922
Alternative Uses
Best Use
Apartment 5plus
$1.84M
$1.61M – $2.15M
NOI $128,963 @ 7.0% cap · market cap 7.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.54M
$2.22M – $2.96M
NOI $177,761 @ 7.0% cap · market cap 10.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,473
Businesses Nearby
Explore this area
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
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 multifamily property with varied apartment layouts and on-street parking.
Where is this apartment building located?
The property is located at 487-489 18th Avenue Newark, NJ.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Seven 2‑bedroom/1‑bathroom units and two 1‑bedroom/1‑bathroom units; Three‑story building containing 9 apartment units; Approximately 7,100 square feet on a 0.06‑acre parcel
