Patriot First Professional Services
Retail | 10.84% Cap Rate | 4,838 Sq Ft
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the multi-family building located at 521-523 Washington Street in Newark, New Jersey (“the Property”). The Property consists of a three-story multi-family building containing twenty (20) residential units with 4,838 square feet of gross leasable area on a 0.09-acre corner parcel of land. The Property is 100% leased to Patriot First Professional Services, Inc. Patriot First Professional Services, Inc has leased this building since 2018 and recently extended their lease term (preemptively), demonstrating their commitment to the site and the market. Patriot First Professional Services, Inc has 7+ years remaining on their lease which features attractive annual rent increases.
Strategically situated on Washington Street, a key thoroughfare serving both local commerce and commuter traffic, the Property benefits from a highly accessible location within Newark's densely populated South Broad Street neighborhood. The Property is within walking distance of Broad Street, Lafayette Street, and Market Street, placing it near a wide range of retail, dining, and service amenities. Public transportation options are abundant, with several commuter rail stations nearby, including Newark Penn Station, located approximately 1.2 miles away and providing direct rail service to Manhattan.
The Property also offers outstanding regional connectivity via municipal bus service and convenient access to NJ Route 21, Interstates 78, 95, and 280, as well as the Garden State Parkway. In addition, the surrounding area is home to numerous schools, national retailers, and major employment centers, while Newark's Central Business District is just minutes away, further enhancing the Property's accessibility and long-term appeal.
Newark is a suburb of New York City and is the county seat of Essex County within the New York metropolitan area. The densely populated area is 11-miles southwest of New York City.
Investment highlights
LONG TERM LEASE: The Property is 100% leased to Patriot First Professional Services, Inc, which has occupied the building since 2018. In 2025 Patriots Professional Services preemptively extended their lease, demonstrating their commitment to the site and the market. Patriot First Professional Services, Inc has 7+ years remaining on their lease.
ATRRATIVE RENT INCREASES: Patriot First Professional Services, Inc’s lease has an attractive rent schedule with 2.125% rent increases in 2026 and 2027, a significant 37.93% rent increase in 2028, and 2.125% annual rent increases thereafter for the remainder of the lease term, providing an attractive increase in revenue and hedge against inflation.
MINIMAL LANDLORD RESPONSIBILITIES: Patriot First Professional Services, Inc has a NN lease and reimburses real estate taxes and insurance and handles common area maintenance directly, making it an attractive investment for the passive real estate investor.
STRATEGIC LOCATION: The Property is located along Washington Street in Newark’s South Broad Street neighborhood on the outskirts of Newark’s Central Business District. The Property is a short walk from Broad, Lafayette, and Market Streets and several area train stations. The Property also enjoys convenient access to several area colleges, University Hospital and numerous area retailers and restaurants. The building benefits from close proximity to the ports of New York and New Jersey and Newark Liberty International Airport. Additionally, the Property is 0.7-miles from the Prudential Center Arena.
TRANSIT ORIENTED LOCATION: The Property is seconds from NJ Route 21 and enjoys convenient access to major roadways (US Route 9, Interstates 95, 280, and 78, and the Garden State Parkway) with direct access to Manhattan, Staten Island, and all of New Jersey. The Property is also within walking distance of several municipal bus stops, Newark-Penn Station, Washington Street Train Station with service on the Newark Light Rail and the Newark Broad Street Train Station with service on the Gladstone, Montclair-Boonton, and Morris & Essex lines.
SIGNIFICANT HIGHER EDUCTION PRESENCE: The Property is within walking distance of several colleges and universities including Seton Hall Law School, Rutgers University Newark Campus, the New Jersey Institute of Technology, and Essex County College.
AREA ECONOMIC DRIVER: The Property is 1.6-miles from University Hospital and enjoys close proximity to Newark’s Central Business District. The area also benefits from its position on Newark Bay as the city’s waterfront is an integral part of the Port of New York and the Port of New Jersey. The area also is home to Newark Liberty International Airport, one of the busiest airports in the country.
STRONG DEMOGRAPHICS: Over 58,100 people live within 1-mile of the Property with an average household income of $69,436. An impressive 394,300 people live within 3-miles of the Property with an average household income of $84,984. Additionally, there are more than 143,100 employees within 3-miles of the Property.
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