Three-Unit Multifamily
618 Mount Prospect Ave, Newark, NJ 07104
For Sale
New
$799,000
Three residential units offer approximately 3,757 square feet of living area in a Newark property near universities, parks, and retail.
Property Size3,757 SF
Price / SF$212.67
Days on Market2
Property Features for 618 Mount Prospect Ave
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Public Transit
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Year Built
Units
Listing Agency:
Keller Williams Real Estate
Listed By:
KIRA IBARRA-BRUMBAUGH
(855) 592-5468
Source:
Elliman
Added: Nov 6
Last Checked: Nov 6 at 2:35PM
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 Keller Williams Real Estate
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Investment Insights
Based on property information with market context.
This multifamily property contains three separate residential units with approximately 3,757 square feet of living space. Built in 1897, the property is configured as a triplex, with each unit providing a distinct residential space.
The Newark address is near universities, parks, and stores. The property is approximately 25 minutes from Newark Airport, with walk, bike, and transit scores of 78, 53, and 60, respectively.
The Newark address is near universities, parks, and stores. The property is approximately 25 minutes from Newark Airport, with walk, bike, and transit scores of 78, 53, and 60, respectively.
Key Highlights
- Three separate residential units
- Approximately 3,757 square feet of living space
- Built in 1897
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$63,967
Cap Rate
8.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,279,340
$1.3M
Cap Rate 7%
$913,814
$913.8K
Cap Rate 9%
$710,744
$710.7K
Market Conditions
NOI Build-Up for 3,757 SF
Gross rent
$96.0K $25.56/SF
− Vacancy
−$4.6K −$1.24/SF
EGI
$91.4K $24.32/SF
− OpEx
−$27.4K −$7.30/SF
NOI
$64.0K $17.03/SF
Area
ZIP 07104
Vacancy
4.84%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,279,340
Cap Rate 7%
$913,814
Cap Rate 9%
$710,744
Alternative Uses
Best Use
Multifamily LT 5
$913.8K
$799.6K – $1.07M
NOI $63,967 @ 7.0% cap · market cap 8.01%
Second Best
Apartment 5plus
$840.4K
$735.4K – $980.5K
NOI $58,829 @ 7.0% cap · market cap 7.36%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,187 @ 7.0% cap · market cap 10.41%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,275
Businesses Nearby
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Business Placement
Demographics for 07104, NJ
54,051
Population
21,762
Households
2.5
Avg Household Size
35
Median Age
21%
College-Educated
71%
High-School Grad
2.5 sq mi
ZIP Area
21,620
Density / Sq Mi
$51,199
Median Household Income
$36,139
Median Earnings
$1,343
Median Rent
$337,400
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Newark, NJ
Properties on Market for Triplexes in Newark
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three residential units offer approximately 3,757 square feet of living area in a Newark property near universities, parks, and retail.
Where is this triplex located?
The property is located at 618 Mount Prospect Ave Newark, NJ.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Three separate residential units; Approximately 3,757 square feet of living space; Built in 1897
