587 Dr Martin Luther King J
Newark City, NJ 07102
Price: $630,000
GSMLS: 3963920Type: Multi-Family
Style: 3-Three Story
Total Units: 3
Beds: 6
Baths: 3 Full
Garage: No
Year Built: Unknown
Acres: 0.04
Property Tax: $5,750
Description
This Legal Three-family Property Is A Rare Find In The Heart Of Downtown Newark And A Prime Investment Opportunity In A Rapidly Growing Area. Live In One Unit And Rent Out The Others For Steady Income While Building Equity. The Property Features Three Units Plus A Basement With A Walk-out To The Street, Ready To Be Finished For Added Value. Enjoy Low Taxes And A Location Surrounded By Major Redevelopment, Just Minutes From The Prudential Center, Top Restaurants, Shopping, Schools, Newark Penn Station, Colleges, Hospitals, And A Vibrant Downtown. There's Also Easy Access To Major Highways, Public Transit, And Newark Airport. This Is Your Chance To Join The New Newark Renaissance. Act Now!
General Info
Style:
3-Three Story
SqFt Building:
n/a
Total Rooms:
14
Basement:
Yes - Unfinished
Interior:
n/a
Roof:
Asphalt Shingle
Exterior:
Stone
Lot Size:
18.7X100
Lot Desc:
n/a
Parking
Garage Capacity:
No
Description:
n/a
Parking:
On-Street Parking
Spaces Available:
n/a
Unit 1
Bedrooms:
2
Bathrooms:
1
Total Rooms:
5
Room Description:
Bedrooms, Eat-In Kitchen, Living Room
Levels:
1
Square Foot:
n/a
Fireplaces:
n/a
Appliances:
Carbon Monoxide Detector, Range/Oven - Gas, Refrigerator, Smoke Detector
Utilities:
Owner Pays Water, Tenant Pays Electric, Tenant Pays Gas
Handicap:
No
Unit 2
Bedrooms:
2
Bathrooms:
1
Total Rooms:
5
Room Description:
Bedrooms, Eat-In Kitchen, Living Room
Levels:
2
Square Foot:
n/a
Fireplaces:
n/a
Appliances:
Carbon Monoxide Detector, Range/Oven - Gas, Refrigerator, Smoke Detector
Utilities:
Owner Pays Water, Tenant Pays Electric, Tenant Pays Gas
Handicap:
No
Unit 3
Bedrooms:
2
Bathrooms:
1
Total Rooms:
5
Room Description:
Bedrooms, Eat-In Kitchen, Living Room
Levels:
3
Square Foot:
n/a
Fireplaces:
n/a
Appliances:
Carbon Monoxide Detector, Range/Oven - Gas, Refrigerator, Smoke Detector
Utilities:
Owner Pays Water, Tenant Pays Electric, Tenant Pays Gas
Handicap:
No
Unit 4
Bedrooms:
n/a
Bathrooms:
n/a
Total Rooms:
n/a
Room Description:
n/a
Levels:
n/a
Square Foot:
n/a
Fireplaces:
n/a
Appliances:
n/a
Utilities:
n/a
Handicap:
n/a
Utilities
Heating:
3 Units
Heating Fuel:
Gas-Natural
Cooling:
Wall A/C Unit(s)
Water Heater:
n/a
Water:
Public Water
Sewer:
Public Sewer
Utilities:
Gas-Natural
Services:
n/a
School Information
Elementary:
n/a
Middle:
n/a
High School:
n/a
Community Information
County:
Essex
Town:
Newark City
Neighborhood:
n/a
Financial Considerations
List Price:
$630,000
Tax Amount:
$5,750
Land Assessment:
$38,000
Build. Assessment:
$113,200
Total Assessment:
$151,200
Tax Rate:
3.80
Tax Year:
2024
Listing Information
MLS ID:
3963920
List Date:
05-18-2025
Days On Market:
20
Listing Broker:
TWRG REALTY GROUP
Listing Agent:
Request More Information
Shawn and Diane Fox
RE/MAX American Dream
3108 Route 10 West
Denville, NJ 07834
Call: (973) 277-7853
Web: TownsquareVillageLiving.com
