123 Western Pkwy · Newark, NJ 07111-2629

$699,000

8 bd · 4.0 ba · — sqft · MultiFamily · 117 Days on market

Built 1936 4,791 sqft lot ↓ 13% since listing

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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 +23.5/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• Appreciation +5.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +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: 4 units. confirmed

Listing remarks

Large 4 family. Each apartment has large 2 bedrooms and 1 bath. with plenty of closet space with open livingrooms. the apartments flow very very nicely. Pretty is in good condition, minor TLC needed. Separate utilities. Located next to GSP and blocks from Bus Terminal with public. trans to NYC.

Key facts

• 4,791 sq ft lot
• Garage
• Built 1936

Property features AI

Finance

• Other: Approximate lot size 50 x 100
• Financial info: Four-unit multifamily building; Reported net operating income: $0; Reported gross operating income: $0; Reported total operating expenses: $0

Exterior

• Parking: Detached garage; Two parking spaces, driveway is one-car width
• Utilities: Public water; Public sewer; Electric service available; Natural gas available
• Home design: Multifamily property with 4 units; Units are two-story style
• Construction: Year built listed as approximate; Flat roof (see remarks)
• Exterior features: Brick and vinyl siding

Interior

• Kitchen: Each unit includes a kitchen and eat-in kitchen
• Bedrooms: Each unit has 2 bedrooms (4 units total)
• Bathrooms: Four full bathrooms (one per unit)
• Heating & cooling: Four separate heating units (one per unit); Natural gas heating; Window air conditioning units
• Interior features: Gas water heater; Full, unfinished basement
• Laundry & utility: Utilities include electric and natural gas

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $699k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $326/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $699k).
• Recommended offer: $636k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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; 1 comparable units currently listed for rent nearby; 3,364 units permitted in Essex County in 2024 (2,551 in 5+ unit buildings).

Forward outlook

• In year one you build about $26k of equity ($5k loan paydown + $21k 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 $196k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 117 days — a 9% lower offer ($636k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1936 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $636,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 117 days. Have you received any prior offers? Is the seller open to a 9% 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 1936 — 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: 1.11% ✓
• Cap rate: 8.53%
• Cash-on-cash: 8.00%
• DSCR: 1.36
• GRM: 7.5

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
52 Tremont Ter	0.07mi	7/5.0 (-1)	—	1mo	$690,000	—	75
240-242 Ellis Ave	0.27mi	7/3.0 (-1)	—	2mo	$720,000	—	64
232-236 West End Ave	0.41mi	8/3.0	—	1mo	$540,000	—	64
217 Orange Ave	0.46mi	8/5.0	—	3mo	$900,000	—	60
822 19th St	0.58mi	8/5.0	—	2mo	$780,000	—	55
92 Harrison Pl	0.63mi	8/3.5	—	3mo	$677,000	—	54
913 19th St	0.72mi	8/4.0	—	1mo	$820,000	—	53
78 Devine St	0.59mi	7/5.0 (-1)	—	0mo	$655,000	—	51
99 Alexander St	0.62mi	7/3.0 (-1)	—	0mo	$550,000	—	49
510 17th St	0.70mi	8/6.0	—	1mo	$923,650	—	46
787 S 17th St	0.59mi	9/6.0 (+1)	—	3mo	$815,000	—	44
522 S 15th St	0.73mi	7/5.5 (-1)	—	2mo	$970,000	—	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 15.0%
• Equity multiple: 1.86×
• Total profit: $167,407
• Equity at exit: $314,301

10-year hold

• IRR: 16.7%
• Equity multiple: 3.45×
• Total profit: $479,782
• Equity at exit: $484,375

Cash invested: $195,720 (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 07111-2629

• Active inventory: 1
• Price-to-rent: 30.0×

Monthly cashflow live

• Estimated rent: $7,766 high
• Mortgage (P&I): −$3,666
• Tax est. 1.5%: −$874 /mo · $10,485/yr
• Insurance: −$291
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,631
• Net cashflow: $1,305

Break-even live

Break-even rent $6,115

Max offer price $699,000

Occupancy floor 78%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$7,764
Total (4 units)			$7,766

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: $174,750
• Closing costs: $20,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
46 Eppirt St East Orange, NJ	7.0	3.0	—	$6,450	—	1d	1	1.43mi

Listing history 16 events

1. 2026-06-18
   days on market $699,000 Active 117 DOM
2. 2026-06-17
   days on market $699,000 Active 116 DOM
3. 2026-06-16
   days on market $699,000 Active 115 DOM
4. 2026-06-15
   days on market $699,000 Active 114 DOM
5. 2026-06-13
   days on market $699,000 Active 112 DOM
6. 2026-06-09
   days on market $699,000 Active 108 DOM
7. 2026-06-08
   days on market $699,000 Active 107 DOM
8. 2026-06-07
   days on market $699,000 Active 106 DOM
9. 2026-06-04
   days on market $699,000 Active 103 DOM
10. 2026-06-03
    days on market $699,000 Active 102 DOM
11. 2026-06-02
    days on market $699,000 Active 101 DOM
12. 2026-06-01
    days on market $699,000 Active 100 DOM
13. 2026-05-31
    days on market $699,000 Active 99 DOM
14. 2026-03-03
    price $699,000
15. 2026-02-21
    listed $799,000 Active
16. 2026-02-12
    historical $799,000

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% 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: $93,192
• − Mortgage interest: −$39,155
• − Property taxes: −$10,485
• − Insurance: −$3,495
• − Repairs & maintenance: −$7,455
• − Management: −$7,455
• − Depreciation: −$20,335
• Taxable income: $4,812
• Est. tax owed @ 24.0%: −$1,155
• After-tax cash flow: $14,499/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.

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

-12.5% since first listed

3 events — show timeline

• 2026-03-03 Price Changed $699,000 GSMLS
• 2026-02-21 Listed $799,000 GSMLS
• 2026-02-12 Coming Soon $799,000 GSMLS