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Newark legal three family home in the 07103 zip code offers exceptional potential for investors or homeowners. Featuring 2/4/4 bedroom layouts, a spacious basement, and low taxes, this property is ripe for renovation, with an estimated budget of $200K-$250K allowing for full customization. The first floor unit can be expanded by adding a front-facing room or converted into a duplex by incorporating the basement, potentially creating a fourth unit for increased rental income. Second and third-floor units offer flexibility to add up to four bedrooms, walk-in closets, or additional bathrooms, maximizing tenant appeal and rental income potential. ARV $730-800K + with projected rents of $2,000-$2,500 per unit, the property can generate $8,000-$10,000+ monthly, depending on the configuration. Situated near Rutgers, NJIT, downtown Newark, and major transit routes like I-78 and Garden State Parkway, it's an ideal location for tenants. The property is sold "AS IS," accepting cash, conventional loans, hard money, or FHA 203(k) renovation loans. Empty lot on the rear is does not belong to the property. A temporary Certificate of Occupancy has been obtained & all title docs have been completed. Daytime viewings are recommended due to a lack of electricity, and a Hold Harmless Agreement is required before entry. Min $15K initial deposit and no offers under the list price will be entertained. Don't miss this opportunity schedule a viewing today! Owner holds a real estate license.
| DAYS ON MARKET | 1 | LAST UPDATED | 11/21/2024 |
|---|---|---|---|
| YEAR BUILT | 1900 | COMMUNITY | Newark |
| COUNTY | Essex | STATUS | Active |
| PROPERTY TYPE(S) | Multi Family |
| ADDITIONAL DETAILS | |
| AREA | Newark |
|---|---|
| BASEMENT | Unfinished, Walk-Out Access, Yes |
| CONSTRUCTION | Aluminum Siding |
| HEAT | Natural Gas, None |
| LOT | 2614 sq ft |
| LOT DESCRIPTION | Level |
| PARKING | On Street |
| SEWER | Public Sewer |
| STORIES | 3 |
| STYLE | 3-Three Story |
| TAXES | 6628 |
| UTILITIES | Underground Utilities |
| WATER | Public |
| ZONING | R3 |
MORTGAGE CALCULATOR
TOTAL MONTHLY PAYMENT
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Listed with EXP REALTY, LLC
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