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In-PersonVirtual Tour
$ 5,800,000
Est. payment | /mo
39,500 SqFt
$ 5,800,000
Est. payment | /mo
39,500 SqFt
Key Details
Property Type Single Family Home
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 39,500 sqft
Price per Sqft $146
MLS Listing ID 4004798
Year Built 1900
Annual Tax Amount $36,877
Tax Year 2024
Lot Size 3,484 Sqft
Property Sub-Type Mixed Use
Property Description
A rare opportunity to acquire a fully income-producing mixed-use property in the heart of Downtown Newark's Arena District, steps from the Prudential Center and Mulberry Commons Park. 218 Mulberry Street offers immediate cash flow with significant long-term upside in one of Newark's most active redevelopment corridors. The property features a strong commercial anchor tenant generating approximately $240,000 annually, plus four residential units above, providing a diversified income stream with total annual income of approximately $349,200 and a net operating income of approximately $291,900. Operating expenses are low, tenants pay all utilities, and the property is owner-managed. All leases are month-to-month, offering incoming ownership flexibility to lock in long-term leases, optimize rents, or reposition the asset. Located within a major redevelopment zone surrounded by substantial public and private investment, the property is widely regarded as a strategic parcel in the continued transformation of Downtown Newark. Ideal for 1031 exchange buyers, long-term hold investors, value-add strategies, or assemblage-minded buyers seeking stable income today with meaningful future potential.
Location
State NJ
County Essex
Zoning Redevelopment
Rooms
Basement Full
Interior
Heating See Remarks
Cooling See Remarks
Equipment Sign - Roof
Heat Source See Remarks
Exterior
Exterior Feature Aluminum, Brick
Utilities Available All Underground
Roof Type Flat
Building
Lot Description Corner
Story 3
Sewer Public Sewer
Water Public Water
Others
Ownership Fee Simple
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Listed by EXP REALTY, LLC