Listed by Marcus & Millichap - New Jersey
$1,500,000
773-775 Sanford Avenue
Details
Property Type Multifamily
Sub Type Apartment Building
Units 12
Cap Rate 7.25%
Stories 3
Multifamily REO| 12 Units | $125,000/unit | Value-Add Potential | Major Upside In Rent
Marketing description
A 12-Unit Multi-Family Property Offering Immediate 7.25% Cap Rate In-Place Cash Flow and Long-Term Appreciation Potential
Located on Newark’s West Side with Connectivity to South Orange Avenue, Springfield Avenue, and Frequent Bus Service to Newark Penn Station and Seton Hall University
Proximity to I-280 and I-78 Provides Quick Access to Downtown Newark, Newark Liberty International Airport, and Regional Employment Centers
Greater Newark Remains One of North Jersey’s Most Affordable Submarkets
Market Dynamics Affordable Rental Housing, Supported by Zoning Modernization, Selective Tax Incentives, and Spillover Demand from Downtown’s Higher-Priced Core
46 Percent Upside in Rents
All Units are Oversized, Value-Add in Splitting the Units Up
Listing Contacts
Listed by Marcus & Millichap - New Jersey
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