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Two Building Package For Sale in Newark

2 Multifamily Properties Offered at $2,977,874 CAD in Newark, NJ

Investment Highlights

  • The properties are less than 1 mile apart
  • Huge Upside Potential in Rents
  • Tenants Pay Heat and Hot Water
  • One Superintendent manages both properties
  • Great Layout
  • Low Taxes

Executive Summary

223 Hawthorne Ave. was completely gutted and renovated in 2006, down to the studs, and remains in excellent condition. The property features 5 apartments and 1 street-level office space, with the office tenant having been in place for at least 5 years. The building has an attractive layout, including two 3-bedroom/2-bath units, two 2-bedroom/2-bath units, and one 2-bedroom/1-bath unit. Each apartment is equipped with its own HVAC unit, providing heat, hot water, and air conditioning. Additionally, the building boasts a brand-new roof, installed in 2023.
67 Fabyan Place is a 3-story framed apartment building with 6 units, all large 2-bedroom apartments, approximately 850 SF each. Each unit features a spacious living room and an eat-in kitchen. One of the units (1L) was recently renovated, and the building has updated boilers, furnaces, and a new roof. Utilities are individually metered, with tenants responsible for their own heat, hot water, electricity, and cooking gas. The property also has a valid state inspection certificate, valid until 2027.

Taxes & Operating Expenses (Actual - 2023)

Annual (CAD)
Gross Rental Income $253,709
Other Income -
Vacancy Loss -
Effective Gross Income $253,709
Taxes $32,274
Operating Expenses $13,551
Total Expenses $45,825
Net Operating Income $207,885

Taxes & Operating Expenses (Actual - 2023)

Gross Rental Income (CAD)
Annual $253,709
Other Income (CAD)
Annual -
Vacancy Loss (CAD)
Annual -
Effective Gross Income (CAD)
Annual $253,709
Taxes (CAD)
Annual $32,274
Operating Expenses (CAD)
Annual $13,551
Total Expenses (CAD)
Annual $45,825
Net Operating Income (CAD)
Annual $207,885

Property Facts

Price $2,977,874 CAD
Price / SF $270.72 CAD / SF
Cap Rate 5.94%
Sale Type Investment
Status Active
Number of Properties 2
Individually For Sale 0
Total Building Size 11,000 SF
Total Land Area 0.17 AC

Properties

Property Name / Address Property Type Size Year Built Individual Price
223 Hawthorne Ave, Newark, NJ 07112 Multifamily 6,500 SF 2005 -
67-69 Fabyan Pl, Newark, NJ 07108 Multifamily 4,500 SF - -
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  • Listing ID: 34232352

  • Date on Market: 2024-12-18

  • Last Updated:

  • Address: Two Building Package For Sale in Newark, Newark, NJ

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