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51 RICHARDS ST
NEWARK, NJ 07105
Asking Price
$1.77M
Asset Type
Apartment Building Multifamily
Class
Class B
What's Special
Ironbound | 6 Family | $98,602 NOI <p><strong style="color: rgba(0, 0, 0, 1)">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
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NOI
$80,000
Cap Rate
4.51%
DSCR
0.76
Underwater
Cash-on-Cash
-4.77%
Monthly Payment
$8,781.732
Annual Cash Flow
$-25,380.778
