59 Wilson Ave Newark, NJ 07105
- Apartment buildings
- 0.11 lot acres
Current Use by Public Records
- Brazilian Hair Center / Beauty Salon
Property Details for 59 Wilson Ave
- Year built
- 1950
- Lot size
- 0.11 lot acres
- Property type
- Apartment buildings
Description
This exceptional multifamily investment opportunity presents a stabilized, seven-unit apartment building located at 59-61 Wilson Avenue in Newark, New Jersey. The property boasts a desirable location in Essex County, with a 0.11-acre lot. Built in 1950 and extensively renovated in 2015, this property comprises two three-story buildings, offering a total of seven units. Currently operating at 100% occupancy, the property generates a substantial net operating income (NOI) of $144,739, resulting in an attractive 6.44% capitalization rate. The asking price is $2,248,000, translating to a price per unit of $321,143. Seven on-site parking spaces are available for residents. The property is offered fee simple, providing the buyer with complete ownership. This is a turnkey investment with existing leases in place and strong, reliable tenants. The property's strong financial performance and desirable location make it an ideal addition to any investment portfolio. The mix of units includes five apartments and two additional units, one of which is a one-bedroom/studio. This presents a unique opportunity to acquire a well-maintained, high-performing multifamily property in a thriving New Jersey market. The property's 2015 renovation ensures modern amenities and long-term value.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Newark
- County
- Essex
- State
- New Jersey
- Longitude
- -74.1536
- Latitude
- 40.7263
