396 E Kinney St
7 Unit Apartment Building $2,250,000 ($321,429/Unit) 6.02% Cap Rate Newark, NJ 07105
EXECUTIVE SUMMARY
Completely Renovated in 2022. This brick building is Turnkey Ready with 7 units, 2 Bedroom 1 bathroom each. Stainless Steel Appliances, Central AC and Heat, Intercom system plus a washer and dryer in each unit. Fully Rented with Excellent tenants. Excellent location to Grammer School and High School. Close to all major highways, the finest bakeries, restaurants and supermarkets of the Ironbound. Income and Expenses are available upon request.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
PROPERTY FACTS
| Price | $2,250,000 |
| Price Per Unit | $321,429 |
| Sale Type | Investment |
| Cap Rate | 6.02% |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 4,563 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1945/2022 |
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 7 | - | - |
1 of 1
Walk Score®
Walker's Paradise (94)
Transit Score®
Excellent Transit (71)
PROPERTY TAXES
| Parcel Number | 14-00989-0000-00028 | Total Assessment | $363,400 |
| Land Assessment | $95,000 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $268,400 | Tax Year | 2024 |
ZONING
| Zoning Code | R3 |
