328 Ellery Ave · Newark, NJ 07106

$585,000

8 bd · 3.2 ba · 39,996 sqft · MultiFamily · 5 Days on market

Built 1952 Fair condition 4,791 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 +9.0/10.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Condition / age +2.2/5.0
• Rent growth +1.8/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Nice 4 family, 1st fl 5 rooms, 2nd Fl 5 rooms, 3rd Fl 5rooms, 4th fl 6 rooms. Gas heat, Garage. Being sold in as is condition, Buyer will be responsible for all inspections City and fire.

Key facts

• 4,791 sq ft lot
• Garage
• Built 1952

Property features AI

Finance

• Financial info: Four-unit multifamily; Reported gross operating income: 99,999; Reported net operating income: 9,999; Reported total operating expenses: 99,999; Expenses include taxes; Unit rents reported: Unit 1 $900, Unit 2 $1,000, Unit 3 $9,999, Unit 4 $0

Exterior

• Parking: Detached garage; Blacktop driveway (1 car width); Total of 4 parking spaces
• Utilities: Electric available; Natural gas available (gas in street); Public water; Public sewer
• Home design: Fourplex unit style; Year built listed as approximate
• Construction: Brick siding
• Exterior features: Metal fence; Asphalt shingle roof

Interior

• Kitchen: Each unit includes an eat-in kitchen; Units 1–3: Gas range/oven and refrigerator; Unit 4: Gas range/oven, refrigerator
• Bedrooms: Unit 1: 2 bedrooms (single level); Unit 2: 2 bedrooms (two levels); Unit 3: 2 bedrooms (three levels); Unit 4: 4 bedrooms (four levels)
• Bathrooms: Three full bathrooms total; Unit 1: 1 bath; Unit 2: 1 bath; Unit 3: 1 bath; Unit 4: 1 bath
• Heating & cooling: Four heating units; Natural gas heating; Ceiling fans for cooling
• Interior features: Full basement; Total of 20 rooms in the building
• Laundry & utility: Tenant pays electric, gas, and heat for Units 1–3; owner pays water for Units 1–3; Owner pays electric, gas, heat, and water for Unit 4

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/0.8-bath units multifamily listed at $585k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $611/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $585k).
• Cap rate 11.3% 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.
• 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 soft (-3.0%/yr); 38 active listings in the ZIP; 3,364 units permitted in Essex County in 2024 (2,551 in 5+ unit buildings).
• At $8,213/mo this rent would consume 184% of the median local household income ($53k/yr) (locally 2646% 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 $164k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• 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 $585,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.40% ✓
• Cap rate: 11.31%
• Cash-on-cash: 17.92%
• DSCR: 1.80
• GRM: 5.9

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: 6.0%
• Equity multiple: 1.23×
• Total profit: $37,013
• Equity at exit: $87,225

10-year hold

• IRR: 12.5%
• Equity multiple: 1.86×
• Total profit: $140,273
• Equity at exit: $50,580

Cash invested: $163,800 (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 07106

• Rents YoY: -3.0%
• Active inventory: 38
• Price-to-rent: 23.7×

Monthly cashflow live

• Estimated rent: $8,213 medium
• Mortgage (P&I): −$3,068
• Tax est. 1.5%: −$731 /mo · $8,775/yr
• Insurance: −$244
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,725
• Net cashflow: $2,445

Break-even live

Break-even rent $5,117

Max offer price $585,000

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	0.8	$8,212
Total (4 units)			$8,213

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: $146,250
• Closing costs: $17,550
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-12
   status Under Contract
2. 2026-05-05
   listed $585,000 Active

ⓘ 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 (unshaded) · 72% 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: $98,556
• − Mortgage interest: −$32,769
• − Property taxes: −$8,775
• − Insurance: −$2,925
• − Repairs & maintenance: −$7,884
• − Management: −$7,884
• − Depreciation: −$17,018
• Taxable income: $21,300
• Est. tax owed @ 24.0%: −$5,112
• After-tax cash flow: $24,234/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 · 1 photo

Fair 45/100 Moderate rehab

A fair condition 4-family property in need of moderate repairs, particularly to the exterior siding and landscaping. Painting and landscaping improvements would significantly enhance its resale and rental value.

Repairs flagged

• Major exterior siding — Significant wear and discoloration
• Minor landscaping — Basic landscaping

Value-add opportunities

• Both paint exterior — Enhances curb appeal and value
• Both landscaping — Improves curb appeal and rental value
• Both HVAC inspection — Ensures functionality and reduces maintenance costs

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and discoloration	Major	$15,000–50,000
landscaping · Basic landscaping	Minor	$500–3,000
Total estimated repair cost · 2 items		$15,500–53,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and value ↑
• Both landscaping — Improves curb appeal and rental value ↑
• Both HVAC inspection — Ensures functionality and reduces maintenance costs ↑

ⓘ 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): 36,383
• Household income: $53,440
• Rent vs Own: 64.6% rent · 35.4% own
• Severe rent burden: 2646.0

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 (75%)
• Race & ethnicity: Black 75% Hispanic / Latino 15% Two or more races 11% Asian 4% White 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4% Dominican 4%
• Common ancestry: Hispanic 8% Italian 2%
• Foreign-born: 34% · Canada, South Korea, Mexico
• Languages at home: 65% English-only · French/Haitian/Cajun 13% Spanish 12% Other Indo-European 3%

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: ▼ -209.63%
• Current HPI: 367.5113
• Rent YoY: ▼ -2.95%
• 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

2 events — show timeline

• 2026-05-12 Pending — GSMLS
• 2026-05-05 Listed $585,000 GSMLS