Listed by The Blau & Berg Company
$7,300,000
313-315 Lake Street
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 30,192
Units 20
Cap Rate 8.00%
Year Built 2024
Acreage 0.170
Zoning C-1 Neighborhood Commercial & Residential
Parking Spaces 0.60 per 1,000 sq ft
Multifamily | 8.00% CAP | 20 Units
Marketing description
Brand New Luxury 20-Unit Apartment Building for Sale
A rare opportunity to acquire a brand new, fully leased, turnkey apartment building in one of Newark’s most stable rental submarkets. Strong in-place rents, modern construction and proximity to green space and transit make this a high-demand, low-maintenance asset with longterm upside.
Tax Abatement: Five-year approved abatement—
0%, 20%, 40%, 60%, 80% of market taxes over 5
years.
Investment highlights
- 20 luxury 2BR/1BA units
- New construction (2024)
- 30,192 SF gross building area
- Excellent condition — fully stabilized, fully leased
- Ground floor enclosed parking for 18 vehicles
- 8 electric vehicle charging stations
- Elevator building with secured lobby
- In-unit electric heating and A/C
- Stainless steel appliances, modern kitchens and open layouts
- Sprinkler system and fire alarms throughout
- Reduced Sale Price: $7.3M Over 8% Cap Rate
Listing Contacts
Listed by The Blau & Berg Company
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$--
$--
Valuation Metrics
0
DSCR
--
Cap Rate
--
ROI
Map
Broker Selected Comps View More Comps
Property History
Similar Properties
Is there information that looks off?
