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47-53 Milford Ave, Newark, NJ, 07108, Newark, NJ, 07108

47-53 Milford Ave
$4,425,000

Key Information

Cap Rate
6.73%
Tot. SF
17,400
Units
18
Type
Apartments
NOI
$297,054

Highlights

Value-Add Opportunity

  • 18 Units
  • 38% Vacancy
  • 6.73%Cap Rate
  • 10% Upside

Building Highlights

  • Brick Building
  • All Units Renovated
  • Strong Unit Mix – Two, and Three-Bedroom Units
  • Separately Metered Units
  • Tenant pays for electric, heat, hot water, & cooking gas
  • Landlord pays for water/sewer, and common area electric
  • Prime Location in Newark

Convenient Transportation

  • Milford Avenue is approximately a 5-minute walk to then Elizabeth Ave at Clinton Ave Bus Stop, which provides a 12-minute ride to Newark Penn Station to Midtown Manhattan in roughly 25 minutes by train

Photos

Location

Agents

Broker of Record

Patrick Forde

License # 2330333 (NJ)
Matthews Real Estate Investment Services, Inc
52 Park Avenue, Suite B5, Park Ridge NJ 07656