221 Sussex Ave · Newark, NJ 07103

$1,350,000

None bd · None ba · — sqft · MultiFamily · 22 Days on market

Poor condition

---

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 +19.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• Appreciation +6.1/10.0
• 1% rule +5.1/10.0
• Livability +3.4/5.0
• Rent growth +2.6/5.0
• Schools +1.4/10.0
• Condition / age +1.0/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Exceptional mixed-use investment opportunity in Newark's thriving University Heights neighborhood! 221 Sussex Avenue features four residential units and one ground-floor commercial space, creating multiple income streams and strong cash-flow potential. Conveniently located near universities, downtown Newark, public transportation, major highways, and ongoing redevelopment projects, this property is positioned in one of the city's most desirable rental markets. Whether you're an experienced investor or looking to expand your portfolio, this property offers a combination of stable income, future appreciation potential, and long-term value. Don't miss this opportunity to own a well-located mix

Key facts

• Six units
• High-growth area
• Listed 22 days

Tags

• SIX UNITS
• FIVE RESIDENTIAL APARTMENTS
• ONE COMMERCIAL STOREFRONT
• HIGH-GROWTH AREA

Property features AI

Exterior

• Home design: Residential income property; Mixed-use
• Exterior features: Flat roof

What this means for you Summary

Snapshot

• This is a multifamily listed at $1.35M. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $1.35M).
• Recommended offer: $1.33M (1.5% below list) — sets the bar for market timing.
• Cap rate 7.6% 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.
• Newark Public School District (urban): math 9% / reading 26% proficiency, ranked #452 of 472 in NJ (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 61 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 3,364 units permitted in Essex County in 2024 (2,551 in 5+ unit buildings).
• At $13,654/mo this rent would consume 318% of the median local household income ($52k/yr) (locally 2963% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $39k of equity ($9k loan paydown + $29k appreciation (2.2% local appreciation)).
• Essex County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (2.2% appreciation + 0.3% rent growth), your $378k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$98k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($1.33M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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.

Recommended offer $1,329,750 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.01% ✓
• Cap rate: 7.59%
• Cash-on-cash: 4.63%
• DSCR: 1.21
• GRM: 8.2

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
51-53 3Rd St	0.22mi	—/—	—	1mo	$675,000	—	76
322 New St	0.28mi	4/2.0	—	2mo	$609,500	—	73
343 Sussex Ave	0.35mi	7/6.0	—	2mo	$800,000	—	70
103 S 10Th St	0.60mi	—/—	—	1mo	$620,000	—	59
52 Stone St	0.62mi	6/4.5	—	0mo	$760,000	—	58
150 S 10Th St	0.62mi	—/—	—	0mo	$850,000	—	58
152 10th St	0.62mi	7/3.0	—	1mo	$547,000	—	58
437 7th Ave	0.65mi	12/4.0	—	1mo	$935,000	—	56
160 11th St	0.65mi	8/4.0	—	2mo	$685,000	—	56
285 6th St	0.67mi	6/3.5	—	1mo	$400,000	—	55
117 12th St	0.69mi	9/4.5	—	1mo	$800,000	—	54
163 7th St	0.70mi	8/4.0	—	1mo	$630,000	—	54

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

Projected returns pro-forma

2.18% appreciation · 0.35% rent growth · sell at horizon

5-year hold

• IRR: 8.0%
• Equity multiple: 1.43×
• Total profit: $162,196
• Equity at exit: $545,345

10-year hold

• IRR: 9.7%
• Equity multiple: 2.27×
• Total profit: $479,806
• Equity at exit: $795,313

Cash invested: $378,000 (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 07103

• Home prices YoY: 0.7%
• Rents YoY: 0.3%
• Active inventory: 61
• Price-to-rent: 49.4×

Monthly cashflow live

• Estimated rent: $13,654 high
• Mortgage (P&I): −$7,080
• Tax est. 1.5%: −$1,688 /mo · $20,250/yr
• Insurance: −$562
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,867
• Net cashflow: $1,457

Break-even live

Break-even rent $11,810

Max offer price $1,350,000

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$13,656
Total (6 units)			$13,654

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: $337,500
• Closing costs: $40,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
207 Sussex Ave Newark, NJ	2.0	1.0	—	$1,400	—	20d	1	0.04mi
207 Sussex Ave Unit 4 Newark, NJ	2.0	1.0	—	$1,400	—	21d	1	0.04mi
44 Hecker St Unit 1 Newark, NJ	3.0	2.0	—	$2,200	—	20d	1	0.06mi
44 Hecker St Newark, NJ	3.0	2.0	—	$2,200	—	21d	1	0.06mi
34-40 Hudson St Newark, NJ	1.0	1.0	637	$2,108	$3.31	4d	3	0.11mi
7 Hudson St Unit 2 Newark, NJ	3.0	1.0	1400	$2,500	$1.79	22d	1	0.11mi
6 Hecker St Unit A Newark, NJ	3.0	1.0	1296	$2,550	$1.97	17d	1	0.11mi
7-9 Hudson St Unit 2ND Newark, NJ	3.0	1.0	—	$2,500	—	24d	1	0.12mi
175 1st St Newark, NJ	1.0–2.0	1.0	869	$1,050	$1.21	24d	1	0.18mi
17 Norfolk St Newark, NJ	3.0	2.0	—	$2,850	—	24d	1	0.18mi
17 Norfolk St Unit 2 Newark, NJ	3.0	2.0	—	$2,850	—	24d	1	0.18mi
17 Norfolk St Unit 2 Newark, NJ	3.0	2.0	9999	$2,850	$0.29	17d	1	0.18mi
290 Sussex Ave Unit 2 Newark, NJ	3.0	2.0	—	$2,400	—	24d	1	0.19mi
50 Norfolk St Newark, NJ	1.0–2.0	1.0–2.0	905	$2,600	$2.87	2d	2	0.20mi
64 1st St Unit 3 Newark, NJ	3.0	1.5	999	$2,500	$2.50	24d	1	0.20mi
58 Norfolk St Newark, NJ	1.0–2.0	1.0–2.0	712	$2,800	$3.93	2d	21	0.20mi
287 Orange St Unit 2 Newark, NJ	3.0	2.0	—	$2,500	—	21d	1	0.21mi
41 3rd St Unit 2 Newark, NJ	3.0	2.0	—	$2,700	—	24d	1	0.23mi
279 Orange St Unit 1 Newark, NJ	3.0	2.0	—	$2,800	—	24d	1	0.24mi
198 1st St Newark, NJ	3.0	2.0	—	$2,600	—	7d	1	0.24mi
44 1/2 3rd St #2 Newark, NJ	3.0	2.0	—	$2,500	—	24d	1	0.25mi
379 New St Newark, NJ	2.0	1.0	861	$2,200	$2.56	24d	1	0.25mi
134 Sussex Ave Newark, NJ	1.0–2.0	1.0	600	$2,200	$3.67	6d	5	0.26mi
196 2nd St Newark, NJ	3.0	1.0	—	$2,250	—	24d	1	0.27mi
254 Orange St Newark, NJ	1.0–3.0	1.0–2.0	683	$2,574	$3.77	3d	15	0.29mi
332 New St Newark, NJ	1.0	1.0	700	$1,500	$2.14	24d	1	0.29mi
322 New St Newark, NJ	2.0	1.0	—	$2,400	—	24d	1	0.31mi
58 N 5th St Unit 3 Newark, NJ	1.0	1.0	2501	$1,550	$0.62	4d	1	0.33mi
309 7th Ave W Unit 1 Newark, NJ	3.0	1.0	—	$2,200	—	17d	1	0.33mi
27 N 5th St Unit 3 Newark, NJ	2.0	1.0	—	$1,750	—	24d	1	0.34mi
186 3rd St Unit 1 Newark, NJ	3.0	2.0	—	$2,390	—	24d	1	0.36mi
186 3rd St Unit 1 Newark, NJ	3.0	2.0	—	$2,390	—	15d	1	0.36mi
45 N 6th St Unit 2 Newark, NJ	3.0	1.0	871	$2,500	$2.87	24d	1	0.36mi
70 N 6th St Unit 2 Newark, NJ	3.0	2.5	1400	$2,400	$1.71	24d	1	0.37mi
203 3rd St Unit 1 Newark, NJ	3.0	1.0	850	$2,195	$2.58	24d	1	0.38mi
203 3rd St Apt 3 Newark, NJ	3.0	1.0	—	$2,200	—	17d	1	0.38mi
162 N 5th St Newark, NJ	2.0	1.0	779	$2,350	$3.02	7d	1	0.38mi
22-24 Mount Prospect Ave Unit 1 Newark, NJ	3.0	1.5	—	$3,200	—	17d	1	0.41mi
19 N 7th St Unit 2 Newark, NJ	3.0	1.0	—	$2,500	—	24d	1	0.41mi
5 N 7th St Newark, NJ	3.0	1.0	—	$2,100	—	24d	1	0.42mi

Listing history 18 events

1. 2026-06-18
   days on market $1,350,000 Active 22 DOM
2. 2026-06-17
   days on market $1,350,000 Active 21 DOM
3. 2026-06-16
   days on market $1,350,000 Active 20 DOM
4. 2026-06-15
   remarks 699-char remark
5. 2026-06-15
   days on market $1,350,000 Active 19 DOM
6. 2026-06-13
   days on market $1,350,000 Active 17 DOM
7. 2026-06-13
   days on market $1,350,000 Active 16 DOM
8. 2026-06-09
   days on market $1,350,000 Active 13 DOM
9. 2026-06-08
   days on market $1,350,000 Active 12 DOM
10. 2026-06-07
    days on market $1,350,000 Active 11 DOM
11. 2026-06-04
    days on market $1,350,000 Active 8 DOM
12. 2026-06-03
    days on market $1,350,000 Active 7 DOM
13. 2026-06-02
    days on market $1,350,000 Active 6 DOM
14. 2026-06-01
    days on market $1,350,000 Active 5 DOM
15. 2026-05-31
    days on market $1,350,000 Active 4 DOM
16. 2026-05-27
    listed $1,350,000 Active
17. 2024-01-11
    historical $2,200
18. 2023-12-08
    listed $2,200

ⓘ 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: $163,848
• − Mortgage interest: −$75,621
• − Property taxes: −$20,250
• − Insurance: −$6,750
• − Repairs & maintenance: −$13,108
• − Management: −$13,108
• − Depreciation: −$39,273
• Taxable loss: −$4,261
• Est. tax savings @ 24.0%: +$1,023
• After-tax cash flow: $18,508/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 · 7 photos

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and maintenance, including a new roof and siding, to become move-in ready and increase its value.

Repairs flagged

• Major roof — Severe rust and deterioration
• Major exterior siding — Severe weathering
• Major interior walls — No photos, but likely in poor condition

Value-add opportunities

• Both roof replacement — Critical to safety and appearance
• Both exterior siding repair — Improves curb appeal and structural integrity
• Both interior paint — Enhances interior aesthetics and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Severe rust and deterioration	Major	$15,000–50,000
exterior siding · Severe weathering	Major	$15,000–50,000
interior walls · No photos, but likely in poor condition	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both roof replacement — Critical to safety and appearance ↑
• Both exterior siding repair — Improves curb appeal and structural integrity ↑
• Both interior paint — Enhances interior aesthetics and value ↑

ⓘ 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: Newark Public School District
• NCES district ID: 3411340
• Math proficiency: 9% ▼ -17.00%
• Reading proficiency: 26% ▼ -10.00%
• Median HH income: $33,891
• Composite: 14.24/100
• National rank: #9449
• State rank: #452 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

• Census place: Newark, NJ
• County: Essex County · 825,405 people
• City population: 310,602
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 37,293
• Household income: $51,534
• Rent vs Own: 75.4% rent · 24.6% own
• Severe rent burden: 2963.0

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 (71%)
• Race & ethnicity: Black 71% Hispanic / Latino 18% Two or more races 10% White 4% Asian 4%
• Hispanic origin (detail): Puerto Rican 7% Dominican 7%
• Common ancestry: Hispanic 2%
• Foreign-born: 23% · Canada, South Korea, United Kingdom
• Languages at home: 71% English-only · Spanish 14% French/Haitian/Cajun 4% Other Indo-European 2%

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: ▲ 2.18%
• Current HPI: 301.5896
• Rent YoY: ▲ 0.35%
• 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

+61263.6% since first listed

3 events — show timeline

• 2026-05-27 Listed $1,350,000 NJMLS
• 2024-01-11 Rental Removed $2,200 GSMLS
• 2023-12-08 Listed for Rent $2,200 GSMLS