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Brand New Luxury 20-Unit Apartment Building 313-315 Lake St 20 Unit Apartment Building $10,736,934 CAD ($536,847 CAD/Unit) 6.20% Cap Rate Newark, NJ 07104
Investment Highlights
- Five-year approved abatement— 0%, 20%, 40%, 60%, 80% of market taxes over 5 years.
- Steps from Bloomfield Avenue Retail and Dining
- Directly across from Branch Brook Park
- Strong rental demand and stable neighborhood
Executive Summary
A rare opportunity to acquire a brand new, fully leased, turnkey apartment building in one of Newark’s most stable rental submarkets. Strong in-place rents, modern construction and proximity to green space and transit make this a high-demand, low-maintenance asset with long term upside.
Property Facts
| Price | $10,736,934 CAD | Apartment Style | Mid-Rise |
| Price Per Unit | $536,847 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 6.20% | Building Size | 30,192 SF |
| No. Units | 20 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 2024 |
| Property Subtype | Apartment | Parking Ratio | 0.9/1,000 SF |
| Zoning | C-1 - Neighborhood Commercial & Residential | ||
| Price | $10,736,934 CAD |
| Price Per Unit | $536,847 CAD |
| Sale Type | Investment |
| Cap Rate | 6.20% |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.17 AC |
| Building Size | 30,192 SF |
| No. Stories | 5 |
| Year Built | 2024 |
| Parking Ratio | 0.9/1,000 SF |
| Zoning | C-1 - Neighborhood Commercial & Residential |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Property Manager on Site
- Tenant Controlled HVAC
- Car Charging Station
- Maintenance on site
- Key Fob Entry
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 20 | - | 943 - 1,125 |
Very walkable
80/100
Very drivable
80/100
Exceptional public transit
90/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 14-00540-0000-00001-01 | Improvements Assessment | $3,524,992 CAD |
| Land Assessment | $552,940 CAD | Total Assessment | $4,077,932 CAD |
Property Taxes
Parcel Number
14-00540-0000-00001-01
Land Assessment
$552,940 CAD
Improvements Assessment
$3,524,992 CAD
Total Assessment
$4,077,932 CAD
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Brand New Luxury 20-Unit Apartment Building | 313-315 Lake St
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