368 Summer Ave Newark, NJ 07104
- Commercial real estate
- 0.10 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 368 Summer Ave
- Year built
- 1900
- Lot size
- 0.10 lot acres
- Property type
- Commercial real estate
Description
This exceptional investment opportunity presents a licensed rooming house located in North Newark, conveniently situated near Branch Brook Park. The property boasts 18 individual units, generating a substantial gross annual income of $133,000. This translates to an attractive 8.4% capitalization rate, making it an ideal investment for those seeking steady cash flow and potential appreciation. The property sits on a 0.1-acre lot, offering ample space for the existing structure. The precise square footage of the building is not currently available. This established rooming house presents a turnkey investment opportunity in a desirable location. The strong rental income stream, coupled with the property's location near a significant park, makes this a compelling proposition for investors seeking a stable and potentially appreciating asset. The property's current operational status as a licensed rooming house provides immediate income generation, minimizing vacancy risks associated with new developments. Further due diligence is encouraged to fully assess the property's financial performance and potential. This is a rare chance to acquire a proven income-generating property in a thriving Newark neighborhood. Serious inquiries only.
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
- -74.1692
- Latitude
- 40.7644
