563 Bloomfield Ave – Newark Available

  • $620,000
  • 6 beds
  • 3 baths
  • 2474 sqft

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Wholesale Investment Property 

All Properties are normally sold within 14 days from the date listed. Please check the status of the unit with us before beginning research on properties older than 14 days.

This property information is Strictly for Real Estate Acquisitions Co. Investors and associates only.

This property is available for purchase only with Cash, Hard Money, or Private Money.

563 Bloomfield Ave, Newark, NJ 07107

Buy and Hold

Wholesale Price: $620,000

Buy/Rent
Rehab Cost: $20,000
After Repair Value: $680,000
Yearly Net Cash Flow: $58,576.00
Cash On Cash Return: 8.73%

The property has a current Cap Rate of 6.1%, with under market rents. Market rents would yield a projected Cap Rate of 8%

• Current Rents ($3,850):
Cap Rate: 8.61%

  • 4BR – $1,600
  • 1BR – $900
  • 1BR – $950
  • CO – $1,700

• Projected Rents ($6,900)

  • 4BR – $2,200
  • 1BR – $1,500
  • 1BR – $1,500
  • CO – $1,700

Property Information

Building Type: 4-Unit Commercial Property
Bedrooms: 6
Bathrooms: 3
Property SF: 2474
Real Estate Tax: $6,800 
Parking: Assigned

Property Characteristics:

  • 4 Units
  • 1st Floor
  • Commercial Office
  • Apt 1 – 1BR/1BA
  • 2nd Floor
  • Apt 2 – 4BR/1BA
  • Apt 3 – 1BR/1BA
  • Gas
  • No oil tank
  • Individually metered for gas and electric
  • 4,000 interior sq ft.
  • 2500 sq ft.

This project is ideal for a buy and hold investor to add an underpriced 4-unit commercial property to their portfolio.

Located in a prime location close to the border of Belleville and Bloomfield. Residential units face Davenport Ave, while the commercial space has great exposure on Bloomfield Avenue.

Walking distance to numerous shops and restaurants. Public transportation is easily accessible off of Bloomfield Avenue. The Garden State Parkway is a 3 minute drive from the property making commuting easy.

Projected Financials: The following proforma is based on stabilized property occupancy Expenses and profits were derived from market research.

Rental Analysis

 

Price:
$620,000
Address:
563 Bloomfield Ave
Newark, NJ 07107
Square Feet:
2474
Lot Size:
2613
Bedrooms:
6
Bathrooms:
3
Terms:
Assignment of Contract
Property Type:
Commercial
Year Built:
1950

Call (609) 807-1497 for more details

Property Location