1028 Broad Street, Newark, NJ 07102

Overview

Price: 
$999,000
Type of Home: 
Commercial Building
Style of Home: 
Buy and Hold 10%+ Cap Rate
Bedrooms: 
- None -
Bathrooms: 
4
Square Footage: 
6000
Lot Size: 
4950
Year Built-in: 
1950
We are in full contract on this property and wholesaling it (flipping contract). 
Tenant recently signed a 5 year lease with a restaurant group at $9500 a month for the 1st two years and then goes up 5% annually 
after that.  The lease started in November as the current tenant put quite a bit of money into the space.  
Owner only pays taxes of 11k and  insurance of 3k.  
This is in the entertainment zone and has alot of action. This property is directly next door to the Newark Symphony - Possibility to build on top as well.  Will have to check with the town.
Lot Size 39 x 150= 4950 | Approx 10k sqft building including basement.(Dont Quote me as I have not been down to DOB)
 
Link to Pics:
 
If you know want to park your money this is a good play. Lease Upon Request. Asking 999k 

Location

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