901-903 S 16Th St new Save Request In-Person Tour Request Virtual Tour
Newark City,NJ 07108
Key Details
Property Type Multi-Family, Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 2,020 sqft
Price per Sqft $443
MLS Listing ID 3981716
Style 3-Three Story
Bedrooms 7
Full Baths 3
Half Baths 1
Year Built 2020
Tax Year 2024
Lot Size 3,484 Sqft
Property Description
Built in 2020, this modern multi-unit offers both immediate rental income and future potential. Currently configured as a legal two-unit and zoned with permits approved for three-unit use, this property is ideal for investors or owner-occupants. Unit 1 is vacant and includes access to the basement, which has the potential to be converted into a third legal unit with construction plans included. Unit 2 is tenant-occupied, generating $2,600 per month, including $100 for driveway parking. One year of tax abatement remains, providing reduced expenses and more substantial cash flow. Additional features include an oversized garage with off-street parking, newer construction with updated systems and modern finishes, and a prime Newark location near schools, shopping, major highways, and public transportation to New York City. This is a rare opportunity to purchase a low-maintenance property with existing rental income and significant upside for long-term value and appreciation.
Location
State NJ
County Essex
Zoning Residential
Interior
Interior Features Carbon Monoxide Detector, Fire Extinguisher, High Ceilings, Intercom, Shades, Smoke Detector, Vinyl-Linoleum Floors, Walk-In Closet
Heating Electric, Gas-Natural
Cooling Central Air
Heat Source Electric, Gas-Natural
Exterior
Exterior Feature Vinyl Siding
Parking Features Attached Garage, Garage Under, Oversize Garage
Garage Spaces 2.0
Utilities Available Electric, Gas-Natural
Roof Type Asphalt Shingle
Building
Sewer Public Sewer
Water Public Water
Architectural Style 3-Three Story
Schools
Elementary Schools Hawthorne
Middle Schools Hawthorne
High Schools Technology
Others
Senior Community No