146 Fry St Newark, NJ 07105-2133

Property Details for 146 Fry St

Lot size

0.08 lot acres

Property type

Commercial real estate

APN

14 01989-0000-00022

APU

1401989000000022

Description

This exceptional mixed-use property at 146 Ferry Street, Newark, NJ, presents a compelling investment opportunity in the vibrant Ironbound section of the city. The three-story building, situated on a 3,294 square foot lot, encompasses 8,500 net rentable square feet and boasts a 100% occupancy rate with six tenants currently under lease. The property comprises four two-bedroom, one-bathroom apartments and two commercial units, occupied by an electronics store and a postal service center. All tenants are in good standing with separate utility meters, minimizing landlord responsibilities. The building features central air and heat. The current Net Operating Income (NOI) stands at $145,030, yielding a 5.27% capitalization rate. A pro-forma NOI of $174,070 projects a 6.33% capitalization rate, indicating significant upside potential. The property is zoned C2 and is conveniently located blocks from Newark Penn Station, offering excellent accessibility. The asking price is $2,750,000, translating to $323.53 per square foot. This stabilized investment presents a rare opportunity to acquire a well-maintained, high-performing asset in a prime Newark location. The property is offered fee simple.