Property
Newark City, NJ 07105 51 Richards St
$1,775,000
43 more
Presented By: EXIT REALTY LUCKY ASSOCIATES
Full/Half Baths • 0 / 7
Full/Half Baths • 0 / 7Home Details
Rare opportunity to acquire a six-family property in the highly sought-after Ironbound section of Newark. 51 Richards Street features six spacious 2-bedroom apartments. Ideal for investors seeking stable cash flow in a prime location with built-in rental demand. The Ironbound market continues to outperform with its vibrant restaurant scene, proximity to Newark Penn Station, and easy access to NYC. Significant upside potential through rent increases and long-term appreciation. A strong addition to any portfolio in one of Newark?s most desirable rental neighborhoods.
Presented By: EXIT REALTY LUCKY ASSOCIATES
Interior Features for 51 Richards St
Bedrooms
Num 4 Bed Units
Bathrooms
Num Units w/Full Bath6
Num Units w/Half Bath
Half Baths7
Other Interior Features
Price Per Sq Ft0.00
Available Sq Ft0
Num 3 Bdrm Units0
Num 2 Bdrm Units6
Num 1 Bdrm Units
BasementFinished, Full, Walkout
FlooringTile, Vinyl-Linoleum
Fuel TypeElectric, Gas-Natural
Total Stories3
General for 51 Richards St
Building #1
Cap Rate5.50
ConstructionBrick/Block, Wood
CoolingWindow A/C(s)
CountyEssex
DirectionsBetween Ferry and Fleming
Documents AvailableIncome & Expenses
DriveOn-Street Parking
EasementUnknown
Equipment AvailableSmoke Detector
Farm AssessmentNo
Garage Spaces
Gross Income129648
Heating4+ Units, Baseboard - Hotwater
Leasable Area
LocationBusiness District, Residential Area
Net Operating Income98602
Num Apts6
Number Of Units Total6
Operating Expense31046
OwnershipFee Simple
Possessionclosing
Property TypeApartment Complex
Property TypeApartment Complex
RoofFlat
SewerPublic Sewer
Standard StatusActive
StatusActive
Subdivision NameIronbound
Tax Annual Amount14396
Tax Assessed Value360000
Tax Lot16
Tax Year2025
Town #1614
TownshipNewark City
UtilitiesElectric, Gas In Street
Utilities Paid ByTenant
Year Built9999
ZoningRDV
Exterior for 51 Richards St
Building Area Total
Exterior DescriptionBrick/Block, Vinyl Siding
Lot Dimensions35X100
Lot FeaturesLevel Lot
Lot Size Acres0.08
Max Ceiling Height8
Max Door Height7
Number of Bays0
Number of Docks0
Number of Doors0
Total Parking0
Water SourcePublic Water
Additional Details
Price History
Brian Lee
Associate