638 Mount Prospect Ave - Apartments FOR SALE


Newark, NJ 07104- Forest Hill
$4,500,000 USD
862-227-6464
638 Mount Prospect Ave, Newark, NJ for Sale
$4,500,000 USD
Apartments - FOR SALE
1/2
null | 7.11% Cap Rate

638 Mount Prospect Ave
Newark, NJ 07104
Forest Hill


HIGHLIGHTS

  • Fully Leased
  • Parking

OVERVIEW

638 Mount Prospect Avenue presents a rare opportunity to acquire a stabilized mixed-use investment property in Newark featuring a diversified income stream from both residential and medical tenants. The property consists of a four-story building with 10 residential apartments and approximately 8,076 square feet of medical office space leased to an established healthcare operator under a long-term lease. The asset benefits from consistent in-place income, NNN reimbursements from the commercial tenant, and strong residential occupancy. The property also includes a separate lot currently utilized for parking, which supports the medical and residential uses and enhances tenant stability and long-term leasing flexibility. This offering is well suited for investors seeking a stable cash-flowing asset with a strong medical tenancy component in a high-demand Newark corridor.

FOR SALE DETAILS

PRICE

$4,500,000 USD

PRICE/SF

$201 USD /SF

# OF UNITS

10

PRICE/UNIT

$450,000

CAP RATE

7.11%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Investment / 1031 Exchange

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Medical, Office/Residential

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1930

PARKING SPACES

20

LAND DETAILS

LAND ACRES

0.15 AC

LAND SF

6,697 SF

ZONING

C-2

APN/PARCEL ID

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.