37-39 Lenox Ave · Newark, NJ 07111

$600,000

15 bd · 9.0 ba · — sqft · MultiFamily · 43 Days on market

Average condition 5,101 sqft lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Condition / age +2.8/5.0
• Rent growth +2.3/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Welcome to 37-39 Lenox Avenue, Irvington a well-maintained three-unit multifamily property offering strong income potential and long-term value. This colonial-style building features three separate units, providing flexibility for both investors and owner-occupants. Each unit offers comfortable living space with functional layouts and access to essential amenities. The property presents an excellent opportunity for rental income, with the potential to maximize returns through strategic management or updates. Conveniently located near major transportation, shopping, dining, and everyday services, making it appealing to a wide range of occupants. A solid addition to any investment portfolio or a great option for buyers seeking to offset living expenses with rental income.

Key facts

• 5,101 sq ft lot
• 2 garage spots
• Listed 43 days

Property features AI

Finance

• Financial info: Annual tax amount listed

Exterior

• Parking: Two total parking spaces; Two-car garage
• Utilities: Natural gas available/connected; Electric service connected; Water service connected
• Home design: Multi-family residential income property
• Exterior features: Natural gas available; Electricity connected; Natural gas connected; Water connected

Interior

• Bathrooms: Three full bathrooms
• Interior features: 15 total rooms
• Laundry & utility: No laundry hookups/features listed

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $600k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $3k ($34k/yr) — positive. Per door: $954/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $600k).
• Recommended offer: $582k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 3.0% in Newark — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 67/100 on livability (#343 in NJ) — a middle-class / working-renter tenant base. Strengths: commute A+, amenities A-; Watch: schools D+, housing D+, crime F.
• Irvington Public School District (suburban): math 4% / reading 23% proficiency, ranked #465 of 472 in NJ (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-0.6%/yr); 69 active listings in the ZIP; 3,364 units permitted in Essex County in 2024 (2,551 in 5+ unit buildings).
• At $8,871/mo this rent would consume 173% of the median local household income ($62k/yr) (locally 4252% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Essex County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $168k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($582k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $400k; list at $600k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $582,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.48% ✓
• Cap rate: 12.02%
• Cash-on-cash: 20.44%
• DSCR: 1.91
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 9.3%
• Equity multiple: 1.35×
• Total profit: $59,169
• Equity at exit: $89,462

10-year hold

• IRR: 15.8%
• Equity multiple: 2.11×
• Total profit: $186,284
• Equity at exit: $51,877

Cash invested: $168,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City Newark: 0 Strongly Tenant-Friendly · D+59

Rent control + strict just-cause.

Methodology + full state rankings →

ZIP-level market 07111

• Rents YoY: -0.6%
• Active inventory: 69
• Price-to-rent: 16.9×

Monthly cashflow live

• Estimated rent: $8,871 high
• Mortgage (P&I): −$3,146
• Tax est. 1.5%: −$750 /mo · $9,000/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,863
• Net cashflow: $2,862

Break-even live

Break-even rent $5,249

Max offer price $600,000

Occupancy floor 63%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$8,871
Total (3 units)			$8,871

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $150,000
• Closing costs: $18,000
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $600,000 Active 43 DOM
2. 2026-06-17
   days on market $600,000 Active 42 DOM
3. 2026-06-16
   days on market $600,000 Active 41 DOM
4. 2026-06-15
   days on market $600,000 Active 40 DOM
5. 2026-06-13
   days on market $600,000 Active 38 DOM
6. 2026-06-09
   days on market $600,000 Active 34 DOM
7. 2026-06-08
   days on market $600,000 Active 33 DOM
8. 2026-06-07
   days on market $600,000 Active 32 DOM
9. 2026-06-04
   days on market $600,000 Active 29 DOM
10. 2026-06-03
    days on market $600,000 Active 28 DOM
11. 2026-06-02
    days on market $600,000 Active 27 DOM
12. 2026-06-01
    days on market $600,000 Active 26 DOM
13. 2026-05-31
    days on market $600,000 Active 25 DOM
14. 2026-05-06
    listed $600,000 Active 799-char remark

    Show marketing remark (780 chars)

    Welcome to 37-39 Lenox Avenue, Irvington a well-maintained three-unit multifamily property offering strong income potential and long-term value. This colonial-style building features three separate units, providing flexibility for both investors and owner-occupants. Each unit offers comfortable living space with functional layouts and access to essential amenities. The property presents an excellent opportunity for rental income, with the potential to maximize returns through strategic management or updates. Conveniently located near major transportation, shopping, dining, and everyday services, making it appealing to a wide range of occupants. A solid addition to any investment portfolio or a great option for buyers seeking to offset living expenses with rental income.

15. 2026-05-06
    listed $600,000 Active 780-char remark

    Show marketing remark (780 chars)

    Welcome to 37-39 Lenox Avenue, Irvington a well-maintained three-unit multifamily property offering strong income potential and long-term value. This colonial-style building features three separate units, providing flexibility for both investors and owner-occupants. Each unit offers comfortable living space with functional layouts and access to essential amenities. The property presents an excellent opportunity for rental income, with the potential to maximize returns through strategic management or updates. Conveniently located near major transportation, shopping, dining, and everyday services, making it appealing to a wide range of occupants. A solid addition to any investment portfolio or a great option for buyers seeking to offset living expenses with rental income.

16. 2022-12-20
    soldstatus $400,000 Sold

    Show marketing remark (304 chars)

    A true money making machine. Huge 3 family featuring 9 bedrooms 3 full bathrooms, combination of hardwood and ceramic tile floors. Updated eat-in-kitchens, full basement, separate utilities, 2 car garage and plenty of off street parking. Conveniently located near Irvington center and NYC transportation.

17. 2022-06-29
    historical Under Contract

    Show marketing remark (304 chars)

    A true money making machine. Huge 3 family featuring 9 bedrooms 3 full bathrooms, combination of hardwood and ceramic tile floors. Updated eat-in-kitchens, full basement, separate utilities, 2 car garage and plenty of off street parking. Conveniently located near Irvington center and NYC transportation.

18. 2021-09-13
    listed $399,000 Active

    Show marketing remark (304 chars)

    A true money making machine. Huge 3 family featuring 9 bedrooms 3 full bathrooms, combination of hardwood and ceramic tile floors. Updated eat-in-kitchens, full basement, separate utilities, 2 car garage and plenty of off street parking. Conveniently located near Irvington center and NYC transportation.

19. 2018-04-30
    soldstatus $125,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 73% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $106,452
• − Mortgage interest: −$33,609
• − Property taxes: −$9,000
• − Insurance: −$3,000
• − Repairs & maintenance: −$8,516
• − Management: −$8,516
• − Depreciation: −$17,455
• Taxable income: $26,356
• Est. tax owed @ 24.0%: −$6,325
• After-tax cash flow: $28,014/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Average 55/100 Moderate rehab

This three-unit multifamily property requires moderate renovations to update the kitchen and bathrooms, which will significantly increase its resale and rental value.

Repairs flagged

• Major kitchen appliances — outdated and worn
• Major bathroom fixtures — dated and worn

Value-add opportunities

• Both update kitchen appliances — modern appliances increase both resale and rental value
• Both update bathroom fixtures — modern fixtures increase both resale and rental value
• Both paint interior walls — fresh paint enhances curb appeal and interior aesthetics
• Both replace curtains — new curtains improve aesthetics and increase rental appeal
• Both repair flooring — new flooring enhances aesthetics and increases rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen appliances · outdated and worn	Major	$15,000–50,000
bathroom fixtures · dated and worn	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both update kitchen appliances — modern appliances increase both resale and rental value ↑
• Both update bathroom fixtures — modern fixtures increase both resale and rental value ↑
• Both paint interior walls — fresh paint enhances curb appeal and interior aesthetics ↑
• Both replace curtains — new curtains improve aesthetics and increase rental appeal ↑
• Both repair flooring — new flooring enhances aesthetics and increases rental appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Irvington Public School District
• NCES district ID: 3407680
• Math proficiency: 4% ▼ -10.00%
• Reading proficiency: 23% ▼ -4.00%
• Median HH income: $39,682
• Composite: 11.46/100
• National rank: #9705
• State rank: #465 of 472 in NJ

Livability — Newark

• Score: 67/100
• State rank: #343
• US rank: #11138

Category grades

Amenities A- Commute A+ Cost of living F Crime F Employment D- Housing D+ Health & safety B- User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Essex County · 825,405 people
• City population: 310,602
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 60,867
• Household income: $61,609
• Rent vs Own: 70.4% rent · 29.6% own
• Severe rent burden: 4252.0

Population outlook (Essex County) Hauer SSP2

• Today (2025): 825,042 people
• By 2030: 834,010 · +1.1%
• By 2040: 846,221 · +2.6%
• By 2050: 850,047 · +3.0%
• By 2075: 837,009 · +1.5%
• By 2100: 784,345 · -4.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (78%)
• Race & ethnicity: Black 78% Hispanic / Latino 13% Two or more races 9% White 2%
• Hispanic origin (detail): Puerto Rican 4% Dominican 2%
• Common ancestry: Hispanic 13%
• Foreign-born: 37% · Canada
• Languages at home: 66% English-only · French/Haitian/Cajun 15% Spanish 10% Other Indo-European 1%

Political lean MEDSL · Essex

• 2024 margin: Solid D (+44.9) · D 71.7% · R 26.8% · Other 1.5%
• 2008→2024 swing: -7.7pp toward R · 2008: 52.6pp · 2024: 44.9pp
• All cycles: 2024: D+44.9 2020: D+55.4 2016: D+56.4 2012: D+55.5 2008: D+52.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -202.23%
• Current HPI: 304.2021
• Rent YoY: ▼ -0.62%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.05%
• F500 in state: 34

Industry mix (Fortune 500 HQ in NJ)

Industry	F500 HQs	Revenue
▸Consumer Goods	3	$31B
▸Pharmaceuticals	2	$153B
▸Technology	2	$21B
▸Insurance	2	$20B
▸Healthcare	2	$19B
▸Financial Services	1	$70B

Price history

+380.0% since first listed

6 events — show timeline

• 2026-05-06 Listed $600,000 NJMLS
• 2026-05-06 Listed $600,000 GSMLS
• 2022-12-20 Sold (MLS) $400,000 NJMLS
• 2022-06-29 Contingent — NJMLS
• 2021-09-13 Listed $399,000 NJMLS
• 2018-04-30 Sold (MLS) $125,000 GSMLS