573-575 Mt. Prospect Avenue

Newark, NJ

For Sale

$4,100,000

OVERVIEW

LOCATION:
573-575 Mt. Prospect Avenue, Newark, NJ 07104

Neighborhood: Forest Hill

Asset Type: Multifamily

Square Feet: 20,000

Stories: 4

Residential Units: 27

 

Description

Besen & Associates, as exclusive agent for Ownership, is pleased to offer for sale 573-575 Mt. Prospect Avenue (the “Property”); a 20,000± SF, 4‐story, Tudor-style elevator apartment building comprised of 27 residential units. Located in the Forest Hill neighborhood of Newark, N.J., the Property was built circa 1928 and is situated on a .52 acre lot.

 

The building includes on-site laundry and is located on the east side of Mt. Prospect Avenue between Delavan Avenue & Ballantine Parkway, which is just a short distance from the Newark Light Rail and McCarter Highway. Additionally, the Property is conveniently close to Branch Brook Park, Forest Hill Healthcare Facility, Cristo Rey Newark High School, and the bustling retail and foot-traffic along Broadway.

 

Ownership has made significant capital improvements to the Property including a complete façade makeover, a fully refurbished roof, new elevator cables, and renovations to the lobby, common areas and mechanicals. This well-maintained property requires minimal capital expenditure, low maintenance costs, and attractive upside.

 

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