18 Jay Street
Multifamily | 6.02% CAP | 16 Units
Marketing description
18 Jay Street is a 16-unit multifamily asset located in Newark, New Jersey. The four-story brick building, constructed in 1930, consists entirely of two-bedroom apartments. Situated near Rutgers University-Newark, NJIT, Essex County College, and University Hospital, the Property benefits from a location within one of the city's most established educational and medical corridors.
The Property benefits from demand generated by the concentration of universities, healthcare institutions, and employment centers surrounding the neighborhood. Located minutes from Downtown Newark, Newark Penn Station, and major regional transportation routes, residents enjoy convenient access throughout Northern New Jersey and New York City. With rents below market and a location within Newark's premier educational and medical district, the Property offers a clear opportunity to unlock value while benefiting from a well-established and diverse tenant base.
Investment highlights
- Comprised entirely of two-bedroom apartments, 18 Jay Street benefits from a straightforward unit mix and a walk-up design that eliminates the need for elevators and other costly building systems, supporting lower maintenance requirements and operational efficiency.
- Situated within Newark's University Heights neighborhood, the Property is surrounded by Rutgers University-Newark, NJIT, Essex County College, and University Hospital, placing it at the center of one of the city's largest educational and healthcare districts.
- Residents benefit from convenient access to Downtown Newark, Newark Broad St Station, Interstate 280, the New Jersey Turnpike, and direct transit connections to New York City and Northern New Jersey employment centers.
- Current in-place rents average approximately $1,395 per unit, compared to an estimated market rent of $1,560, providing a clear path to revenue growth through the turnover of existing tenancy. At stabilization, NOI of $178K+ reflects a meaningful increase in cash flow and valuation.
- Ongoing public and private investment throughout Newark has accelerated the city's transformation into a regional live-work-play destination, with new residential, retail, and mixed-use development reshaping the broader market.
- Limited new multifamily development, rising construction costs, and persistent housing affordability challenges continue to support occupancy and rent growth throughout Newark and the broader Northern New Jersey market.
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