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Listed by Cynthia Lubin Compass New Jersey, LLC-Montclair
$650,000
Est. payment /mo
8 Beds
3 Baths
Active
180 Shephard AVE Newark, NJ 07112
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Key Details
Property Type Multi-Family
Sub Type 3 Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 26015683
Style 3 Family
Bedrooms 8
Full Baths 3
Property Sub-Type 3 Family
Property Description
Three-family opportunity in Newark's Weequahic section with strong income and value-add potential. Featuring two 3-bedroom, 1-bath units and one 2-bedroom, 1-bath unit, the property offers 8 bedrooms and 3 full baths, plus a full unfinished basement, separate gas and electric utilities, and off-street parking. Two units will be delivered vacant, offering flexibility for an owner-occupant looking to offset housing costs or an investor ready to lease and reposition the property. Projected market rents from recent appraisal are approximately $2,800/month for Unit 1, $2,800/month for Unit 2, and $2,000/month for Unit 3, for total potential gross rents of approximately $7,600/month. Unit 2 is currently leased at $1,650/month through October 2027. Cash, conventional, FHA, and FHA 203(k) buyers welcome, with an opportunity to update and reposition the property over time. Conveniently located near Weequahic Park, Newark Beth Israel Medical Center, Newark Liberty International Airport, major highways, and public transportation. Property is being sold as-is. Buyer to accept applicable temporary/conditional municipal certificates and responsibility for outstanding DCA items as required. Compliance reports available upon request. Don't miss out on this great opportunity!
Location
State NJ
County Essex
Interior
Laundry None
NEARBY SCHOOL & BUSINESS
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