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    Renovated 3-Family Investment Title is generated by Realmo AI

    83 Sherman Ave, Newark, NJ 07114

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    New
    For Sale
    $700,000

    Multi-Family, See Remarks - Newark City, NJ

    Lot size:
    0.09 Acres
    Added:
    Jun 3, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 3 at 10:06 pm

    Property Features for 83 Sherman Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    8
    Bathrooms
    4
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Dining Room, Kitchen, Living Room
    Parking
    4
    Parking features
    Driveway
    Basement Y/N
    1
    Standard status
    Active
    Lot size
    0.09 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    7914

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1917
    Number of units
    3
    Building materials
    Vinyl Siding
    Architectural style
    Other

    We can help!

    Listing Contact
    BRENDAN DASILVA

    Listing agent BRENDAN DASILVA

    Listing office KELLER WILLIAMS - NJ METRO GROUP 237 LORRAINE AVE, Montclair, NJ

    Listing date Jun 3, 2026

    MLS# 4031873 Listing URL

    Copyright © 2026 Garden State MLS, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Legal 3‑family property built in 1917
    • Central air and forced‑air heating
    • Vinyl siding exterior
    • Includes a walk‑out basement (Basement) plus 4 bathrooms and 5 bedrooms across the home
    • Off‑street parking with a driveway and an oversized garage
    • Rooms include kitchen, dining room, and living room

    Overview

    This property is a legally configured 3-family home that has been fully renovated. The layout provides three separate residential units within one building, complemented by a walk-out basement that can add flexibility for storage or additional space needs. The exterior and site improvements include ample off-street parking and a large oversized garage.

    Located at 83 Sherman Ave in Newark City, NJ 07114-2973 in Essex County, the property is described as being convenient to major highways, Newark Liberty International Airport, and public transportation. The remarks also note proximity to shopping and dining, supporting everyday access for both residents and tenants.

    Designed for buyers seeking either an investment property or an owner-occupant setup, this turnkey offering provides the core live-and-rent structure of a legal 3-family. With off-street parking and an oversized garage on site, the property supports tenant convenience and practical day-to-day use. The combination of full renovation, a walk-out basement, and on-site parking and garage space makes it a straightforward option for those looking to acquire a renovated multi-family asset in Newark City.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Newark
    County
    Essex
    State
    New Jersey
    Longitude
    -74.18515
    Latitude
    40.72207

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    FAQs

    What type of property is this?
    Triplex - Legally configured, fully renovated 3-family with walk-out basement, off-street parking, and an oversized garage.
    Where is this triplex located?
    The property is located at 83 Sherman Ave Newark, NJ.
    What is the asking price?
    The asking price for this property is $700,000.
    What are key features of this property?
    This property features: Legal 3‑family property built in 1917; Central air and forced‑air heating; Vinyl siding exterior
    (973) 783-7400
    We can help!
    Listing Contact
    BRENDAN DASILVA
    Real Estate License ID: 1753996
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    83 Sherman Ave, Newark City, NJ 07114-2973
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