Clearview Homes II
Multifamily | 5.99% CAP | 42 Units
Marketing description
Clearview Homes II is a multifamily community in Newark, New Jersey consisting of 42 two-bedroom apartments across 7 three-story residential buildings. Built in 1940 and situated on a ±0.40-acre site, the Property represents a well-established housing asset with a functional unit mix and a long operating history within one of Essex County's largest residential markets.
Newark continues to benefit from strong rental demand supported by its access to New York City, extensive transportation infrastructure, and diverse employment base. The Property is located near major roadways, public transit, retail services, and neighborhood amenities that support day-to-day resident needs. With limited availability of affordable two-bedroom housing throughout the area, Clearview Homes II is positioned to benefit from the continued demand for well-located workforce housing in Northern New Jersey.
Investment highlights
- Clearview Homes II consists entirely of two-bedroom apartments, a unit type that has become increasingly scarce as recent multifamily development throughout the region has largely focused on smaller one-bedroom and studio units.
- The Property benefits from convenient access to Newark Penn Station, major interstate highways, and Newark Liberty International Airport, providing connectivity throughout Northern New Jersey, New York City, and the broader Tri-State region.
- The Property is located near Rutgers University-Newark, New Jersey Institute of Technology (NJIT), Prudential Financial, and University Hospital, placing residents within close proximity to some of Newark's largest educational institutions, healthcare facilities, and employment centers.
- The local population has grown by 4.0% since 2020, reflecting continued residential demand and supporting long-term fundamentals for multifamily housing. Steady population growth contributes to an expanding renter base and reinforces demand for housing across the market.
- Current average rents of approximately $1,394 per unit are substantially below estimated market rents of $1,850 per unit, representing approximately 33% mark-to-market upside. This provides a compelling opportunity to increase revenue as leases renew and rents are gradually aligned with prevailing market levels.
- Demand for rental housing continues to benefit from housing affordability challenges and elevated homeownership costs. At the same time, rising construction costs and financing constraints have tempered new multifamily development, supporting occupancy and rent growth for existing apartment communities.
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