357 16th Ave · Newark, NJ 07111-4506

$399,900

6 bd · 4.0 ba · 2,600 sqft · MultiFamily · 67 Days on market

Built 1915 Good condition 2,613 sqft lot

---

Why this score? — see what drove the C 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 +22.4/30.0
• ARV discount +7.5/15.0
• DSCR +7.2/10.0
• 1% rule +5.9/10.0
• Appreciation +5.0/10.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Schools +1.1/10.0

Multi-family units

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

Listing remarks MLS

Legal 2-family opportunity in Irvington's R-2 zone, offering strong value-add potential for investors and owner-occupants with vision. The property is not currently configured as a 2-family. It features a second-floor residential apartment and a ground-level space previously used for commercial purposes, including a half bathroom and open layout. Due to the lapse in nonconforming use, the path forward is residential. The opportunity lies in converting the lower level into a second dwelling unit, subject to buyer due diligence, renovation, and municipal approvals. Ideal for buyers looking to create an income-producing property or live in one unit while building equity using renovation financing. The second-floor unit offers three bedrooms with updated finishes. The ground level provides open space with access to basement storage. Separate utilities are in place. Strictly AS-IS sale. Property will be delivered vacant. Buyer is responsible for all municipal inspections, certifications, and obtaining a Temporary Certificate of Occupancy from the Township of Irvington. Conveniently located near Grove Street with access to transportation and local amenities. Buyers must verify all zoning and conversion requirements.

Key facts

• 2,613 sq ft lot
• Garage
• Built 1915

What this means for you Summary

Snapshot

• This is a 1×2bd/1ba + 1×2bd/0.5ba units multifamily listed at $400k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $665 ($8k/yr) — positive. Per door: $332/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $400k).
• Recommended offer: $376k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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: 1 active listings in the ZIP; 3,364 units permitted in Essex County in 2024 (2,551 in 5+ unit buildings).

Forward outlook

• In year one you build about $15k of equity ($3k loan paydown + $12k appreciation (3.0% local appreciation)).
• 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 + 3.0% rent growth), your $112k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($376k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $375,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% 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. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.09% ✓
• Cap rate: 8.29%
• Cash-on-cash: 7.13%
• DSCR: 1.32
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 14.2%
• Equity multiple: 1.81×
• Total profit: $90,592
• Equity at exit: $179,812

10-year hold

• IRR: 16.0%
• Equity multiple: 3.35×
• Total profit: $263,296
• Equity at exit: $277,112

Cash invested: $111,972 (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 07111-4506

• Active inventory: 1
• Price-to-rent: 15.4×

Monthly cashflow live

• Estimated rent: $4,340 high
• Mortgage (P&I): −$2,097
• Tax est. 1.5%: −$500 /mo · $5,998/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$911
• Net cashflow: $665

Break-even live

Break-even rent $3,498

Max offer price $399,900

Occupancy floor 80%

Sensitivity live

Price	-10% $941	-5% $803	+0% $665	+5% $527	+10% $389
Rent	-10% $322	-5% $494	+0% $665	+5% $836	+10% $1,008
Rate	-1.0pp $866	-0.5pp $767	base $665	+0.5pp $561	+1.0pp $456

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$2,170
1× unit	2	0.5	$2,170
Total (2 units)			$4,340

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $399,900 Active 67 DOM
2. 2026-06-18
   days on market $399,900 Active 64 DOM
3. 2026-06-17
   days on market $399,900 Active 63 DOM
4. 2026-06-16
   days on market $399,900 Active 62 DOM
5. 2026-06-15
   days on market $399,900 Active 61 DOM
6. 2026-06-13
   days on market $399,900 Active 59 DOM
7. 2026-06-09
   days on market $399,900 Active 55 DOM
8. 2026-06-08
   days on market $399,900 Active 54 DOM
9. 2026-06-07
   days on market $399,900 Active 53 DOM
10. 2026-06-04
    days on market $399,900 Active 50 DOM
11. 2026-06-03
    days on market $399,900 Active 49 DOM
12. 2026-06-02
    days on market $399,900 Active 48 DOM
13. 2026-06-01
    days on market $399,900 Active 47 DOM
14. 2026-05-31
    days on market $399,900 Active 46 DOM
15. 2026-04-15
    listed $399,900 Active 1229-char remark

    Show marketing remark (1229 chars)

    Legal 2-family opportunity in Irvington's R-2 zone, offering strong value-add potential for investors and owner-occupants with vision. The property is not currently configured as a 2-family. It features a second-floor residential apartment and a ground-level space previously used for commercial purposes, including a half bathroom and open layout. Due to the lapse in nonconforming use, the path forward is residential. The opportunity lies in converting the lower level into a second dwelling unit, subject to buyer due diligence, renovation, and municipal approvals. Ideal for buyers looking to create an income-producing property or live in one unit while building equity using renovation financing. The second-floor unit offers three bedrooms with updated finishes. The ground level provides open space with access to basement storage. Separate utilities are in place. Strictly AS-IS sale. Property will be delivered vacant. Buyer is responsible for all municipal inspections, certifications, and obtaining a Temporary Certificate of Occupancy from the Township of Irvington. Conveniently located near Grove Street with access to transportation and local amenities. Buyers must verify all zoning and conversion requirements.

16. 2026-04-10
    listed $399,900 Active

    Show marketing remark (1229 chars)

    Legal 2-family opportunity in Irvington's R-2 zone, offering strong value-add potential for investors and owner-occupants with vision. The property is not currently configured as a 2-family. It features a second-floor residential apartment and a ground-level space previously used for commercial purposes, including a half bathroom and open layout. Due to the lapse in nonconforming use, the path forward is residential. The opportunity lies in converting the lower level into a second dwelling unit, subject to buyer due diligence, renovation, and municipal approvals. Ideal for buyers looking to create an income-producing property or live in one unit while building equity using renovation financing. The second-floor unit offers three bedrooms with updated finishes. The ground level provides open space with access to basement storage. Separate utilities are in place. Strictly AS-IS sale. Property will be delivered vacant. Buyer is responsible for all municipal inspections, certifications, and obtaining a Temporary Certificate of Occupancy from the Township of Irvington. Conveniently located near Grove Street with access to transportation and local amenities. Buyers must verify all zoning and conversion requirements.

17. 2026-04-10
    historical $399,900 1229-char remark

    Show marketing remark (1229 chars)

    Legal 2-family opportunity in Irvington's R-2 zone, offering strong value-add potential for investors and owner-occupants with vision. The property is not currently configured as a 2-family. It features a second-floor residential apartment and a ground-level space previously used for commercial purposes, including a half bathroom and open layout. Due to the lapse in nonconforming use, the path forward is residential. The opportunity lies in converting the lower level into a second dwelling unit, subject to buyer due diligence, renovation, and municipal approvals. Ideal for buyers looking to create an income-producing property or live in one unit while building equity using renovation financing. The second-floor unit offers three bedrooms with updated finishes. The ground level provides open space with access to basement storage. Separate utilities are in place. Strictly AS-IS sale. Property will be delivered vacant. Buyer is responsible for all municipal inspections, certifications, and obtaining a Temporary Certificate of Occupancy from the Township of Irvington. Conveniently located near Grove Street with access to transportation and local amenities. Buyers must verify all zoning and conversion requirements.

18. 2026-03-11
    listed $399,900 Active

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

Taxation est. · year 1

• Rental income: $52,080
• − Mortgage interest: −$22,401
• − Property taxes: −$5,998
• − Insurance: −$2,000
• − Repairs & maintenance: −$4,166
• − Management: −$4,166
• − Depreciation: −$11,633
• Taxable income: $1,715
• Est. tax owed @ 24.0%: −$412
• After-tax cash flow: $7,568/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

Good 80/100 Cosmetic rehab

This property is in good condition with a good condition score of 80. It has a cosmetic rehab level and requires minimal repairs and maintenance. The highest-ROI updates would be converting the lower level into a second dwelling unit and adding a second bathroom to create a 2-family property, which would significantly increase its value for both resale and rental.

Value-add opportunities

• Both Convert the lower level into a second dwelling unit — This would create a 2-family property, increasing both rental income and resale value.
• Both Add a second bathroom — A second bathroom would improve the property's appeal and functionality.
• Rental Landscaping and curb appeal improvements — Enhanced landscaping would attract more tenants and increase rental rates.

Renovation cost estimate screening

Value-add ROI direction

• Both Convert the lower level into a second dwelling unit — This would create a 2-family property, increasing both rental income and resale value. ↑
• Both Add a second bathroom — A second bathroom would improve the property's appeal and functionality. ↑
• Rental Landscaping and curb appeal improvements — Enhanced landscaping would attract more tenants and increase rental rates. ↑

ⓘ 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

No demographic data for this ZIP.

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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

+0.0% since first listed

4 events — show timeline

• 2026-04-15 Listed $399,900 GSMLS
• 2026-04-10 Listed $399,900 NJMLS
• 2026-04-10 Coming Soon $399,900 GSMLS
• 2026-03-11 Listed $399,900 NJMLS