MIXED-USE REDEVELOPMENT SITE
6940 Rich Avenue is an approximately 0.92-acre redevelopment site in the heart of Old Town Newark. The zoning for the site allows residential development at densities between 30 dwelling units per acre and 100 dwelling units per acre.
STRONG RENTAL MARKET
According to Costar, the average rent in Newark was $2,195 at the end of the second quarter 2026. This marks the highest rent in the last 10 years and a 3.6% increase over the rent one year prior. With no new market-rate apartment projects currently under construction, rents are expected to continue increasing.
EXCELLENT DEMOGRAPHICS
The neighborhood has projected population growth and strong income demographics. The population within three miles of the site is expected to grow 3.0% over the next five years. As of 2025, the median household income within three miles was estimated at $167,060. Both measures are favorable for new multi-family residential development.
PROXIMATE TO RETAIL AMENITIES
The subject property is less than ten minutes’ drive to several major shopping centers. Costco, Safeway, Sprouts Farmers Market, Grocery Outlet, 99 Ranch, and Lion Market are all nearby. Additionally, there are dozens of restaurants, shops, and service businesses in the neighborhood.
MAJOR EMPLOYERS
Newark is part of the extended Silicon Valley region and major employers in the region are in the high tech sector, including manufacturing. Tesla, Lucid Motors, LAM Research, Quanta Computers, Synnex Corporation, Western Digital, WorldPac, Amazon, KNT Manufacturing, Smart Modular Technologies, and Seagate Technology all have large facilities nearby.
ACCESS TO OUTDOOR RECREATION
There are 15 parks and sports facilities in Newark, ranging from neighborhood parks all the way up to an indoor recreation and swimming facility. Newark is located on the San Francisco Bay and there are miles of trails along the Bay. The site is also a short drive from Coyote Hill Regional Park and several regional parks in the hills above Fremont.
Joshua Johnson
Marcus & Millichap
