This brand new luxury rental complex, in one of Newark’s up-and-coming areas, is now available for sale and provides a great opportunity for multi-family investors looking to add a low-maintenance, well-positioned, cash-flowing asset to their portfolio
Completed in 2024, Ridgeview Square sits on 0.68 acres and contains 38 residential units spread among three buildings along with 26 parking spaces. Set on a uniquely shaped lot, the complex is highly visible and benefits from frontage on South 14th Street, Pierce Street, and South 13th Street.
Designed by T2 Architectural Group with a contemporary townhouse aesthetic, the property contains a mix of 1-, 2-, and 3-bedroom apartments that break down as 10 one-bedrooms, 15 two-bedrooms, and 13 three-bedrooms. Eight of the units are designated affordable at 80% AMI.
Residences feature on-trend finishes including grey shaker cabinetry, granite countertops, state-of-the-art appliances, and durable hardwood-style flooring. Units also come equipped with central heating and air conditioning and in-unit washers and dryers.
Located at 746-758 South 14th Street in the West Side neighborhood, the property sits just outside downtown Newark, providing residents easy access to highways, public transportation, and Newark Liberty International Airport.
Newark is currently seeing substantial development activity. Some significant projects include 296-unit Vermella Broad Street which recently opened, a three-tower mega-project called Halo that is currently under construction, and the recently approved 46-story Summit Tower.
Ridgeview Square benefits from a 30-year tax PILOT fixed 10% and a 30-year rent control waiver.
Financials:
Annual income: $927,207.60
Total Expenses: $177,704.76
Net Operating Income: $744,270.40
Cap Rate: 5.95%
Ridgeview Square is represented by Wil Parkerson and Samantha Palazzolo-Perini of Compass. They are also the leasing agents for Ridgeview Square giving them unprecedented insight into the specifics of the property.
As a top-producing agent in Northern New Jersey, Wil regularly represents both homeowners and investors looking to acquire or sell their properties. Two notable recent sales are a Jersey City townhouse that sold for $104k over asking as well a duplex condo in Jersey City that also sold over asking.
Samantha Palazzolo-Perini, a top producer in Northern New Jersey, has strong roots in Bergen County. Known for her deep market knowledge and dedication to her clients, she is a leading name in local real estate. Samantha’s passion for the community and her ability to expertly navigate real estate transactions ensure her clients achieve their goals with ease and confidence.
Wil can be reached at 201-362-2432 or [email protected]. You may also visit his Instagram at @WilParkerson or by visit his website here.
Samantha Palazzolo-Perini can be reached at 201-394-7042 or [email protected]. You may also visit her Instagram or her website here.
