368-370 Summer Ave
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368-370 Summer Ave
18 Unit Block of Flats £595,585 (£33,088/Unit) 9.33% Net Initial Yield Newark, NJ 07104
INVESTMENT HIGHLIGHTS
- Amazing investment opportunity in North Newark! Licensed Rooming House with 18 rooms near Branch Brook Park.
- Apartment features: A/C, a refrigerator, a tub/shower, heating, and dedicated kitchen spaces, including an oven.
- North Broadway is a densely populated urban neighborhood with plenty of housing options ranging from affordable to upscale.
- Community amenities include laundry facilities, 24-hour access, and individual tenant storage space.
EXECUTIVE SUMMARY
368-370 Summer Avenue presents the investment opportunity to acquire a licensed rooming house with 18 rooms grossing $133k annually. It is ideal for steady cash flow, appreciation, and 1031 buyers. NOI close to $70k; ALL ROOM ARE OCCUPIED, TENANTS ARE PAYING ON TIME and are PAYING CASH.
368-370 Summer Avenue is nestled between the Passaic and Second Rivers, and nearby parks add a burst of greenery to this area, dominated by various neighborhoods and residential establishments. Branch Brook Park boasts over 300 acres of cherry trees, lakes, trails, sports fields, and a roller-skating rink. Belleville Park has a playground, ball fields, and bocce courts. These beautiful parks and quick access to great schools, grocery stores, and a few local restaurants make North Broadway an excellent option for families. North Broadway is less than 15 minutes away from Downtown Newark, allowing residents to enjoy quick and easy trips into the city, especially commuters. Living in North Broadway will enable renters easy access to the Newark Museum of Art, the Prudential Center, the New Jersey Performing Arts Center, and more.
368-370 Summer Avenue is nestled between the Passaic and Second Rivers, and nearby parks add a burst of greenery to this area, dominated by various neighborhoods and residential establishments. Branch Brook Park boasts over 300 acres of cherry trees, lakes, trails, sports fields, and a roller-skating rink. Belleville Park has a playground, ball fields, and bocce courts. These beautiful parks and quick access to great schools, grocery stores, and a few local restaurants make North Broadway an excellent option for families. North Broadway is less than 15 minutes away from Downtown Newark, allowing residents to enjoy quick and easy trips into the city, especially commuters. Living in North Broadway will enable renters easy access to the Newark Museum of Art, the Prudential Center, the New Jersey Performing Arts Center, and more.
FINANCIAL SUMMARY (ACTUAL - 2023) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
£106,185
|
£23.60
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
£106,185
|
£23.60
|
| Taxes |
-
|
-
|
| Operating Expenses |
£56,507
|
£12.56
|
| Total Expenses |
£56,507
|
£12.56
|
| Net Operating Income |
-
|
-
|
FINANCIAL SUMMARY (ACTUAL - 2023)
| Gross Rental Income | |
|---|---|
| Annual | £106,185 |
| Annual Per SF | £23.60 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | £106,185 |
| Annual Per SF | £23.60 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | £56,507 |
| Annual Per SF | £12.56 |
| Total Expenses | |
|---|---|
| Annual | £56,507 |
| Annual Per SF | £12.56 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
PROPERTY FACTS
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Storage Space
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+5 | 18 | - | - |
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Walk Score®
Very Walkable (74)
PROPERTY TAXES
| Parcel Number | 14-00611-0000-00018-02 | Improvements Assessment | £230,157 (2024) |
| Land Assessment | £21,950 (2024) | Total Assessment | £252,108 (2024) |
PROPERTY TAXES
Parcel Number
14-00611-0000-00018-02
Land Assessment
£21,950 (2024)
Improvements Assessment
£230,157 (2024)
Total Assessment
£252,108 (2024)
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368-370 Summer Ave
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