Eleven-Unit Apartment Building For
For Sale
$2,500,000
Pending
577 N 6Th St, Newark, NJ 07107
Investment opportunity: 11-unit apartment building with development potential.
Property Size12,000 SF
Lot Size0.17 Acres
Days on Market560
Property Features for 577 N 6Th St
General Information
Standard status
Pending
Size
12,000 SF
Lot size
0.17 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$19,015
Amenities
Central air
Asphalt Shingle Roof
4+ Units Cooling
4+ Units Heating
On-Street Parking
Building Details
Year Built
1960
Listing Agency:
JEANIUS REALTY
(908) 349-8770
Listed By:
JAMIL ROBERSON
Source:
Corcoran
Added: Apr 8, 2025
Changed: Oct 16
Last Checked: Oct 16 at 9:14AM
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 JEANIUS REALTY
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Investment Insights
Based on property information with market context.
An eleven-unit apartment building in North Newark presents a significant investment opportunity. The sale includes a lot of considerable size, suitable for parking or potential construction of an additional unit. The property is located in a market showing upward trends, offering diverse possibilities for the prospective owner.
Key Highlights
- 11‑unit apartment building offers a significant investment opportunity.
- Additional lot included provides flexibility for parking or potential future development.
- Lot can be used for parking or potential future development.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$183,950
Cap Rate
7.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,679,000
$3.7M
Cap Rate 7%
$2,627,857
$2.6M
Cap Rate 9%
$2,043,889
$2.0M
Market Conditions
NOI Build-Up for 12,000 SF
Gross rent
$352.8K $29.40/SF
− Vacancy
−$18.3K −$1.53/SF
EGI
$334.5K $27.87/SF
− OpEx
−$150.5K −$12.54/SF
NOI
$183.9K $15.33/SF
Area
ZIP 07107
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,679,000
Cap Rate 7%
$2,627,857
Cap Rate 9%
$2,043,889
Alternative Uses
Best Use
Apartment 5plus
$2.63M
$2.30M – $3.07M
NOI $183,950 @ 7.0% cap · market cap 7.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.69M
$4.11M – $5.48M
NOI $328,608 @ 7.0% cap · market cap 13.14%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,212
Businesses Nearby
Explore this area
Business Placement
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Investment opportunity: 11-unit apartment building with development potential.
Where is this apartment building located?
The property is located at 577 N 6Th St Newark, NJ.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 11‑unit apartment building offers a significant investment opportunity.; Additional lot included provides flexibility for parking or potential future development.; Lot can be used for parking or potential future development.
