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$ 650,000
Est. payment /mo
New
180 Shephard Ave Newark City, NJ 07112
8 Beds
3 Baths
3,920 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family, Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 4024882
Style 3-Three Story
Bedrooms 8
Full Baths 3
Year Built 1923
Annual Tax Amount $6,934
Tax Year 2025
Lot Size 3,920 Sqft
Property Description
Excellent cash flow opportunity in Newark's high-demand Weequahic section. This 16-room, 3-family residence offers immediate income potential with clear built-in upside for a buyer ready to update and reposition. Two units can be delivered vacant, providing flexibility to owner-occupy while maximizing rental income. The second floor offers stable income with a tenant in place through October 2027, along with a near-term opportunity to reposition rents to market. With minimal updates and lease turnover, projected gross rents range from $6,500 to $7,000 per month. There may also be an opportunity to assume the existing mortgage and secure a more favorable interest rate than current market conditions, subject to lender approval, adding an additional layer of financial advantage for the next owner. Separate utilities, full unfinished basement, and a location that checks every box: Weequahic Park, Beth Israel Medical Center, and Newark Liberty International Airport all nearby with easy access to major transit routes. Please note: Sold as-is. Buyer responsible for Newark Certificate of Code Compliance and DCA Green Card.
Location
State NJ
County Essex
Rooms
Basement Unfinished
Interior
Heating Gas-Natural
Cooling Window A/C(s)
Heat Source Gas-Natural
Exterior
Exterior Feature Vinyl Siding
Parking Features None
Utilities Available Gas-Natural
Roof Type Asphalt Shingle
Building
Sewer Public Sewer
Water Public Water
Architectural Style 3-Three Story
Schools
Elementary Schools G Carver
Middle Schools G Carver
High Schools Weequahic
Others
Senior Community No
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Listed by COMPASS NEW JERSEY LLC
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