46 Park Pl #3 · Newark, NJ 07017-1150

$699,000

4 bd · 3.0 ba · 29,997 sqft · MultiFamily · 58 Days on market

Built 1925 3,920 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 +18.1/30.0
• ARV discount +7.5/15.0
• DSCR +5.7/10.0
• Appreciation +5.0/10.0
• 1% rule +4.9/10.0
• Schools +4.7/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

GREAT TURN KEY 3 UNITS PROPERTY CENTRALLY LOCATED WITH AN EASY ACCESS TO ALL MAJOR HIGHWAYS AND NYC TRAINS.

Key facts

• Easy access
• Centrally located
• Nyc trains

Tags

• TURN KEY
• 3 UNITS
• CENTRALLY LOCATED
• EASY ACCESS
• MAJOR HIGHWAYS
• NYC TRAINS

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $699k.

Deal economics

• At list price, monthly cash flow is $620 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $690k (1.3% below list).
• Recommended offer: $678k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.4% 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.
• South Orange-Maplewood School District (suburban): math 33% / reading 63% proficiency, ranked #114 of 472 in NJ (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 14% free/reduced lunch — higher-income household profile.
• 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 $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 ~6 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 58 days — a 3% lower offer ($678k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1925 — 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 $678,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.99% ✗
• Cap rate: 7.36%
• Cash-on-cash: 3.80%
• DSCR: 1.17
• GRM: 8.4

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: 11.1%
• Equity multiple: 1.63×
• Total profit: $123,821
• Equity at exit: $314,301

10-year hold

• IRR: 13.3%
• Equity multiple: 2.97×
• Total profit: $385,667
• 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 07017-1150

• Active inventory: 1
• Price-to-rent: 25.3×

Monthly cashflow live

• Estimated rent: $6,900 medium
• Mortgage (P&I): −$3,666
• Tax est. 1.5%: −$874 /mo · $10,485/yr
• Insurance: −$291
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,449
• Net cashflow: $620

Break-even live

Break-even rent $6,115

Max offer price $699,000

Occupancy floor 86%

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$6,900
Total (3 units)			$6,900

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: —

Listing history 15 events

1. 2026-06-18
   days on market $699,000 Active 58 DOM
2. 2026-06-17
   days on market $699,000 Active 57 DOM
3. 2026-06-16
   days on market $699,000 Active 56 DOM
4. 2026-06-15
   days on market $699,000 Active 55 DOM
5. 2026-06-13
   days on market $699,000 Active 53 DOM
6. 2026-06-13
   days on market $699,000 Active 52 DOM
7. 2026-06-09
   days on market $699,000 Active 49 DOM
8. 2026-06-08
   days on market $699,000 Active 48 DOM
9. 2026-06-07
   days on market $699,000 Active 47 DOM
10. 2026-06-04
    days on market $699,000 Active 44 DOM
11. 2026-06-03
    days on market $699,000 Active 43 DOM
12. 2026-06-02
    days on market $699,000 Active 42 DOM
13. 2026-06-01
    days on market $699,000 Active 41 DOM
14. 2026-05-31
    days on market $699,000 Active 40 DOM
15. 2026-04-21
    listed $699,000 Active 107-char remark

    Show marketing remark (107 chars)

    GREAT TURN KEY 3 UNITS PROPERTY CENTRALLY LOCATED WITH AN EASY ACCESS TO ALL MAJOR HIGHWAYS AND NYC TRAINS.

ⓘ 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 6/10 Major 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: $82,800
• − Mortgage interest: −$39,155
• − Property taxes: −$10,485
• − Insurance: −$3,495
• − Repairs & maintenance: −$6,624
• − Management: −$6,624
• − Depreciation: −$20,335
• Taxable loss: −$3,917
• Est. tax savings @ 24.0%: +$940
• After-tax cash flow: $8,385/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: South Orange-Maplewood School District
• NCES district ID: 3415330
• Math proficiency: 33% ▼ -23.00%
• Reading proficiency: 63% ▼ -5.00%
• Median HH income: $115,876
• Composite: 47.3/100
• National rank: #2301
• State rank: #114 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

1 event — show timeline

• 2026-04-21 Listed $699,000 GSMLS