180 Shephard Ave , Newark City, New Jersey 07112-2022

  • $650,000

Description

Excellent cash flow opportunity in Newark’s high-demand Weequahic section. This 16-room, 3-family residence offers immediate income potential with clear built-in upside for a buyer ready to update and reposition. Two units can be delivered vacant, providing flexibility to owner-occupy while maximizing rental income. The second floor offers stable income with a tenant in place through October 2027, along with a near-term opportunity to reposition rents to market. With minimal updates and lease turnover, projected gross rents range from $6,500 to $7,000 per month. There may also be an opportunity to assume the existing mortgage and secure a more favorable interest rate than current market conditions, subject to lender approval, adding an additional layer of financial advantage for the next owner. Separate utilities, full unfinished basement, and a location that checks every box: Weequahic Park, Beth Israel Medical Center, and Newark Liberty International Airport all nearby with easy access to major transit routes. Please note: Sold as-is. Buyer responsible for Newark Certificate of Code Compliance and DCA Green Card.

  • City: Newark City
  • State/county: Essex

Details

Updated on May 3, 2026 at 6:35 pm
  • Property ID HZ4024882
  • Price $650,000
  • Bedrooms 8
  • Bathrooms 3
  • Property Type Residential Income
  • Property Status Active

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Queens Realty New Jersey

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