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Apartments For Sale • 21,351 SF
| 638 Mount Prospect Avenue is a fully occupied four-story mixed-use residential asset with an institutional medical anchor in Newarkâs North Ward. |
| Immediate cash flow; rent-controlled income from 11 stabilized residential units, including (3) HUD Section 8 voucher units, & an 8K SF retail space. |
| New 10-year triple net (NNN) lease with a creditworthy tenant features built-in rent growth, ensuring stable, long-term income. |
| Located on a prime corner in Forest Hill, a desirable historic district known for strong occupancy and long-term residential demand. |
| Walkable to NJ Transit, Light Rail, and Broad Street Station, with direct access to Midtown Manhattan and major highways such as I-280 and GSP. |
| Positioned within a dense trade area of 750,000 residents, renter-heavy demographics, and $8 billion in spending supporting long-term growth. |
| Total Expenses: | $77,000 USD |
| Tenant | SF Occupied | Lease End Date |
|---|---|---|
| Newark Rehabilitation Center |
| Commuter Rail | Drive | Walk | Distance |
|---|---|---|---|
| Watsessing Avenue (Montclair-Boonton Line - NJ TRANSIT RAIL) | 4 min | - | 2.1 mi |
| Newark Broad St (Gladstone Branch - NJ TRANSIT RAIL, Montclair-Boonton Line - NJ TRANSIT RAIL, Morris & Essex Line - NJ TRANSIT RAIL) | 4 min | - | 2.4 mi |
| Transit/Subway | Drive | Walk | Distance |
| Branch Brook Park (Grove Street - Newark Penn Station - Newark Light Rail (Newark Light Rail)) | 2 min | 12 min | 0.7 mi |
| Silver Lake (Grove Street - Newark Penn Station - Newark Light Rail (Newark Light Rail)) | 3 min | 17 min | 0.9 mi |
| Airport | Drive | Walk | Distance |
| Newark Liberty International | 14 min | - | 8.2 mi |
| LaGuardia | 43 min | - | 28.4 mi |
| John F Kennedy International | 52 min | - | 31.8 mi |
| Parking Available: | Yes |
| Reserved: | No |
| Spaces Provided: | 20 |
| Type: | Surface |
| Included in Rent: | Yes |
Jeannette Melillo
Newmark Associates CRE, LLC
Jeannette Melillo
Newmark Associates CRE, LLC
