862-227-6464
638 Mount Prospect Ave, Newark, NJ for Sale
Apartments - FOR SALE
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638 Mount Prospect Ave
Newark, NJ 07104
Forest Hill


HIGHLIGHTS

  • 638 Mount Prospect Avenue is a fully occupied four-story mixed-use residential asset with an institutional medical anchor in Newark’s North Ward.
  • Immediate cash flow; rent-controlled income from 11 stabilized residential units, including (3) HUD Section 8 voucher units, & an 8K SF retail space.
  • New 10-year triple net (NNN) lease with a creditworthy tenant features built-in rent growth, ensuring stable, long-term income.
  • Located on a prime corner in Forest Hill, a desirable historic district known for strong occupancy and long-term residential demand.
  • Walkable to NJ Transit, Light Rail, and Broad Street Station, with direct access to Midtown Manhattan and major highways such as I-280 and GSP.
  • Positioned within a dense trade area of 750,000 residents, renter-heavy demographics, and $8 billion in spending supporting long-term growth.

OVERVIEW

Exceptional mixed-use investment opportunity in Newark's desirable Forest Hill neighborhood. The property consists of 11 residential apartments and an approximately 8,000-square-foot medical office occupied by a long-term tenant under a net lease, providing stable in-place income. The asset offers an attractive blend of immediate cash flow and long-term appreciation potential. Ideally located on highly traveled Mount Prospect Avenue with excellent visibility, convenient access to major highways, and close proximity to public transportation, shopping, and neighborhood amenities. Complete due diligence materials, including rent roll, leases, financial information, and Offering Memorandum, are available.

FOR SALE DETAILS

PRICE

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# OF UNITS

11

CAP RATE

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% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Multifamily / Mixed Use Investment Property

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront Retail/Residential, Office/Residential

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1930

PARKING SPACES

20

LAND DETAILS

LAND ACRES

0.27 AC

LAND SF

11,798 SF

ZONING

C-2

APN/PARCEL ID

14-00737-0000-00023,14-00737-0000-00025

ASK ABOUT THIS PROPERTY

Jeannette MelilloNewmark Associates CRE, LLCMore Info
862-227-6464

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Jeannette MelilloNewmark Associates CRE, LLCMore Info
862-227-6464

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.