Newark legal three-family home with 2/3/3-bed, a spacious basement, and low taxes offers significant investment potential. First-floor unit includes an option to add an additional room facing the front of the home. The property, sold without parking, does not include the rear lot on the left hand side. Full renovation, estimated at $200-250K depending on scope, allows for customization with an opportunity to add 2 bathrooms per unit and an additional one in the basement, creating a new-build construction appeal. Second-floor unit has the option to add 4 bedrooms, walk-in closet, or bathroom toward the front, maximizing the layout.Projected rental income ranges from $2,000 to $2,500 per unit. Located in the 07103 zip code, this property sits close to Rutgers and NJIT campuses, downtown Newark, and major transit routes, including links to NYC, I-78, Garden State Parkway, US-22, and Newark Airport. This makes it an ideal cash-flow property for investors or an opportunity for homeowners to build equity while tenants cover the mortgage.This property is sold "AS IS and requires cash, conventional, hard money, or FHA 203k renovation loan financing. A temporary Certificate of Occupancy has been obtained. Daytime viewings only are recommended due to lack of electricity and use a flashlight, every buyer must sign hold harmless agreement before entry due to the property's current condition. Don't miss out on this exceptional investment opportunity in a prime Newark location.
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
High School
1
/10
Central High School
250 18th Ave
Distance between this listing and this school1.37 miles
Public District Grades 9-12
1
/10
Barringer High School
90 Parker St
Distance between this listing and this school1.60 miles
Public District Grades 9-12
1
/10
Malcom X Shabazz High School
80 Johnson Ave
Distance between this listing and this school2.06 miles
Public District Grades 9-12
Nearby Schools
2
/10
Speedway Avenue School
701 South Orange Ave
Distance between this listing and this school0.45 miles
Public District Grades PK-8
4
/10
Dionne Warwick Institute
120 Central Ave
Distance between this listing and this school0.50 miles
Public District Grades PK-5
3
/10
Thirteenth Avenue Elementary School
359 13th Ave
Distance between this listing and this school0.54 miles
Public District Grades PK-8
Nearby Schools
3
/10
Marion P. Thomas Charter School
370 S 7th St # 374
Distance between this listing and this school0.80 miles
Public Charter Grades PK-8
6
/10
Pride Academy Charter School
117 Elmwood Ave
Distance between this listing and this school0.81 miles
Public Charter Grades 5-8
4
/10
Benjamin Banneker Academy
500 S Clinton St
Distance between this listing and this school0.98 miles
Public District Grades PK-8
Assigned Schools
1
/10
Central High School
250 18th Ave
Distance between this listing and this school1.37 miles
Public District Grades 9-12
1
/10
Barringer High School
90 Parker St
Distance between this listing and this school1.60 miles
Public District Grades 9-12
1
/10
Malcom X Shabazz High School
80 Johnson Ave
Distance between this listing and this school2.06 miles
The neighbors living near this home have an average income of $44,141. Most Newark, NJ residents have annual incomes between $35k-100k. The majority of families are single, no kids. Most residents in this area have post secondary degree education.
This home is located at 337 S 19th St Unit 3 in Newark City, NJ and zip code 07103 in the West Ward neighborhood. This home, which was built in 1900, sits on a 0.06 acre lot. Features: 8 bedrooms, 3 bathrooms. It has been listed on Rocket Homes since October 26, 2024 and is currently priced at $450,000.
Newark, NJ housing market in October 2024 saw over 24 listings sold above listed price, more than 3 sold at listed price and over 7 sold below. Between September 2024 and October 2024, Newark, NJ real estate market has seen increase in the number of listings by 25.4%. In October 2024 median list price was $396,125 and the average listing age was 75 days.
From Rocket Homes Real Estate and based on county public records data.