Seven-Bedroom Multifamily
581 N 7Th St, Newark, NJ 07107
For Sale
$779,000
A finished basement and multi-level layout accompany a second-floor tenancy at closing.
Property Size3,100 SF
Price / SF$251.29
Days on Market64
Property Features for 581 N 7Th St
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Additional Details
Tenant in Place
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Listing Agency:
REALTY ONE GROUP LIFESTYLE HOMES
Listed By:
TYRONE LOWMAN
(908) 291-1300
Source:
Citywestrealestate
Added: Sep 7
Changed: Nov 5
Last Checked: Nov 9 at 7:17AM
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 REALTY ONE GROUP LIFESTYLE HOMES
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Investment Insights
Based on property information with market context.
This 3,100-square-foot multifamily property, built in 1929, contains seven bedrooms and three full bathrooms plus one half-bath. The finished basement adds interior space, while the multi-level floor plan includes the basement, first, second, and third floors. The property is being sold as-is, with no seller updates or credits; the buyer is responsible for obtaining the CO.
At closing, the second-floor apartment will remain occupied by tenants. The basement, first floor, and third floor are expected to be vacant. The property is located on N 7th St in Newark, and a local school is on the same street.
At closing, the second-floor apartment will remain occupied by tenants. The basement, first floor, and third floor are expected to be vacant. The property is located on N 7th St in Newark, and a local school is on the same street.
Key Highlights
- 3,100‑square‑foot multifamily property built in 1929
- Seven bedrooms and three full bathrooms plus one half‑bath
- Finished basement; layout spans the basement and three floors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,520
Cap Rate
6.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$950,400
$950.4K
Cap Rate 7%
$678,857
$678.9K
Cap Rate 9%
$528,000
$528.0K
Market Conditions
NOI Build-Up for 3,100 SF
Gross rent
$91.1K $29.40/SF
− Vacancy
−$4.7K −$1.53/SF
EGI
$86.4K $27.87/SF
− OpEx
−$38.9K −$12.54/SF
NOI
$47.5K $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%
$950,400
Cap Rate 7%
$678,857
Cap Rate 9%
$528,000
Alternative Uses
Best Use
Apartment 5plus
$678.9K
$594.0K – $792.0K
NOI $47,520 @ 7.0% cap · market cap 6.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,890 @ 7.0% cap · market cap 10.90%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
1,212
Businesses Nearby
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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
$353,300
Median Home Value
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Market
Average Price Trend$/SF for Multifamily properties in Newark, NJ
Properties on Market for Multifamily properties in Newark
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - A finished basement and multi-level layout accompany a second-floor tenancy at closing.
Where is this multifamily property located?
The property is located at 581 N 7Th St Newark, NJ.
What is the asking price?
The asking price for this property is $779,000.
What are key features of this property?
This property features: 3,100‑square‑foot multifamily property built in 1929; Seven bedrooms and three full bathrooms plus one half‑bath; Finished basement; layout spans the basement and three floors
