🏘️ Legal 4 Family in Newark NJ (Weequahic Park)

Essex County, Newark, NJ, 07114
Sold
Listed at: October 18th, 2022
Price
$430,000
ARV
$675,000
Gross Margin
$245,000
Sq. Footage
3248
Type
Multifamily
Parking
Detached Garage
Year build
1922
Lot size
0.08 acres
Bedrooms
8
Bathrooms
4
Half Bathrooms
0
Summary

This is a legal 4 family with separate utilities. Each unit has two beds and one bath.   


Tenants are month to month at $1k (well under market) and the purchase contract stipulates that they will vacate in return for cash for keys. 1 unit is vacant and 3 units are occupied - which will not be delivered vacant. The Seller has said they will all walk for $3k/unit ($9k total).


New boilers and roof. Basement is unfinished. Large enough to finish and put a fifth unit down there.


Long driveway with 2 or 3 car garage in rear. 


Very quiet area w/ lots of new construction on street. 


The occupied units are in pretty good shape. The vacant unit is/was under renovation. In keeping with the aesthetics of the other apartments, you will just need a little bit of material. Walls are mostly complete at this point. 


See pictures/videos here: https://www.dropbox.com/sh/4njlsliw4mnvwx9/AAByZ9vCH6evfqwgehCX0-V4a?dl=0


ARV fully rehabbed is $675k-$700k, with garage. And a recent rental comp in the area is $1300/month/unit.


Adjusted Financials: Gross Rent: $62,400 ($1300 x 4 units x 12 months) Taxes: $7200 Insurance: $2000 Sewer (est) $1400 Profit: $51,800/year (11.4 cap).


Do not attempt to contact seller directly. Do not attempt to see the property without discussing with disposition team.
Street View
Location
current deal
comparables
#2
available
$123k
sold
$99k
Bedrooms
Bathrooms
Sq. footage
Deals nearby
Available
Sold
Contact

John Maretti

No reviews

Disposition manager