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Willoughby Apartments 21-25 Willoughby St 18 Unit Apartment Building $3,700,107 CAD ($205,561 CAD/Unit) 6.78% Cap Rate Newark, NJ 07112
Investment Highlights
- 18-unit multifamily investment property in Newark, New Jersey.
- The property was fully renovated in 2019.
- Surveillance camera system throughout the common areas.
- Building has two entrances, and the unit mix consists of 10 one bedroom and 8 studio apartments.
- Tenants are responsible for paying their own separately metered gas heat and electric.
- Located in the quiet residential neighborhood Weequahic with easy access to Route 78.
Executive Summary
This 18-unit multifamily investment property is located in Newark, New Jersey and features two building entrances with a well-balanced unit mix of one-bedroom and studio apartments. The property was fully renovated in recent years and offers separate metering for gas heat and electricity, with tenants responsible for their own utilities. Common areas are equipped with a surveillance camera system, and the property is situated in the quiet residential neighborhood of Weequahic with convenient access to Route 78.
Property Facts
| Price | $3,700,107 CAD | Building Class | C |
| Price Per Unit | $205,561 CAD | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 18,000 SF |
| Cap Rate | 6.78% | Average Occupancy | 100% |
| No. Units | 18 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1920/2019 |
| Property Subtype | Apartment | Parking Ratio | 0.28/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R2 - Apartment | ||
| Price | $3,700,107 CAD |
| Price Per Unit | $205,561 CAD |
| Sale Type | Investment |
| Cap Rate | 6.78% |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 18,000 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1920/2019 |
| Parking Ratio | 0.28/1,000 SF |
| Zoning | R2 - Apartment |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 8 | - | - |
| 1+1 | 10 | - | - |
1 1
Very walkable
80/100
Moderately drivable
60/100
Good public transit
70/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 14-03053-01-00012 | Improvements Assessment | $69,390 CAD |
| Land Assessment | $333,074 CAD | Total Assessment | $402,465 CAD |
Property Taxes
Parcel Number
14-03053-01-00012
Land Assessment
$333,074 CAD
Improvements Assessment
$69,390 CAD
Total Assessment
$402,465 CAD
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Willoughby Apartments | 21-25 Willoughby St
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