Amazing opportunity in North Newark's best rental neighborhood. Almost an 8% cap rate as is with potential to be developed into a 16 unit building. Currently a healthy income producing building with 4 apartments, 5 detached garages, black top parking for 5 cars and a commercial lease for storage in the basement. Seller has not raised rental rates in several years, and all tenants on a month to month. Very well maintained, solid brick pre-war era build makes this a desirable pickup as is. The opportunity to develop is just icing on the cake! Only .7 miles to light rail or Broad st station. Nearby activities include condo developments on 4th Ave, redevelopments at the base of Broad St and Bloomfield Ave, & just outside the desirable Forest Hill neighborhood
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
