383 Mount Prospect Ave Newark, NJ 07104
- Apartment buildings
- 5,887 SF
- 0.46 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 383 Mount Prospect Ave
- Year built
- 1910
- Lot size
- 0.46 lot acres
- Property size
- 5,887 SF
- Property type
- Apartment buildings
Description
This exceptional 6-unit apartment building, located at 383 Mt Prospect Ave in Newark, NJ, presents a compelling redevelopment opportunity. The property boasts 5,887 square feet on a 0.46-acre lot, featuring six units with a total of ten bedrooms and seven bathrooms. Built in 1910 and renovated ten years ago, the building offers classic charm combined with modern updates. Currently operating at 84% occupancy, the property generates a 6.00% cap rate with an asking price of $1,800,000. The property includes four parking spaces. Its prime location offers easy access to public transportation, major highways, Forest Hills, and Branch Brook Park, providing residents with convenient access to green spaces and commuting options. The permitted HiRise zoning unlocks significant potential for expansion and development, making this an ideal investment for those seeking a lucrative opportunity in a rapidly growing area. Enjoy breathtaking views of the New York City skyline. The building's five elegant fireplaces add to its unique character and appeal. This is a rare chance to acquire a multifamily property with substantial upside potential in a desirable Newark location. The property is owned by an LLC and is not subject to a ground lease.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Newark
- County
- Essex
- State
- New Jersey
- Longitude
- -74.1706
- Latitude
- 40.765
