53 Madison St Newark, NJ 07105-2342

Property Details for 53 Madison St

Construction

BRICK

Lot size

0.07 lot acres

Property type

Residential income homes

Property subtype

Small apartment buildings

APN

14 00174-0000-00032

APU

1400174000000032

Description

This exceptional value-add opportunity presents an eight-unit apartment building in Newark, New Jersey's North Ironbound neighborhood. The four-story brick building sits on a 0.07-acre lot and boasts 100% occupancy with a current NOI of $154,106 and a 7% cap rate. Each of the eight two-bedroom, one-bathroom units features separate meters for electricity, electric heat, and hot water (tenant-paid), while the landlord covers common area electric, water, and sewer. The building includes on-site tenant storage and a recently replaced roof (installed within the last three years). Located near two train stations, several colleges, University Hospital, and numerous restaurants and retailers, this property benefits from its proximity to major roadways, the ports of New York and New Jersey, and Newark Liberty International Airport. In-place rents are below market, offering significant upside potential through lease renewals and unit upgrades. The strong demographics of the area, with over 60,400 people within a one-mile radius and an average household income exceeding $86,000, further enhance the investment potential. Seller financing is available. The asking price is $2,200,000 ($275,000 per unit). This property is ideal for investors seeking strong returns and income growth in a thriving urban location.

Location Insight

City

Newark

County

Essex

State

New Jersey

Longitude

-74.1596

Latitude

40.731

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments