315-321 Mt Prospect Ave 87 Unit Apartment Building $16,402,060 CAD ($188,529 CAD/Unit) 5.70% Cap Rate Newark, NJ 07104

315–321 Mt Prospect Avenue is a mixed-use multifamily property located in Newark’s Mount Pleasant neighborhood, consisting of 87 units, 81 residential units and 6 ground-floor retail stores. The asset provides investors with meaningful scale in a market characterized by limited new supply and consistent renter demand. The residential component offers a diverse unit mix that appeals to a broad tenant base, while the retail frontage generates additional income and enhances the property’s integration into the surrounding community. With stabilized occupancy and reliable in-place cash flow, the property presents both durable income and the opportunity to capture upside through targeted capital improvements, operational efficiencies, and strategic leasing initiatives.
The property is strategically positioned with direct access to regional transit, major highways, and employment centers. Local bus service, Newark Penn Station, and Newark Liberty International Airport are all within close reach, with approximately 24-minute train service to New York City reinforcing commuter appeal and broadening the renter pool. Immediate access to Interstate 280 and Route 21 further enhances connectivity to the Newark metro and surrounding suburbs. The area is anchored by major employers including Prudential Financial, Panasonic, Rutgers University–Newark, and University Hospital, which sustain long-term housing demand. Proximity to Branch Brook Park, neighborhood retail corridors, and cultural amenities strengthens tenant retention and overall livability.
For additional information visit: https://prospect.hudsonatlantic.com