Rare and premier opportunity to own a prime piece of Newark real estate at 721 Springfield Ave, situated directly in a rapidly transforming municipal redevelopment zone. Offered at $1.3M, this property boasts an ultra-visible, high-traffic location with immense upside. Strategically positioned on a block where two surrounding plots of land are also located within the redevelopment footprint, this site offers savvy buyers a front-row seat to future area assemblage and massive neighborhood expansion. Capitalize on Newark's major revitalization momentum, favorable commercial/mixed-use zoning, and maximum brand exposure. Being sold strictly AS-IS. Buyer is responsible for all municipal certificates, variances, and due diligence. Secure this anchorlocation before the surrounding area fully booms!
West Side, located between Branch Brook Park and Irvington, is a residential and commercial Newark neighborhood with broad, tree-lined blocks and a strong corridor feel. The neighborhood’s character concentrates along South Orange Avenue at Sanford Avenue, where corner groceries, barbershops, takeout counters, and bus stops keep the sidewalks in motion. Housing reads as early-20th-century: brick rowhouses, two- and three-family homes, and small apartment buildings with stoops and bay windows. Branch Brook Park’s paths and lake edges set a green counterpoint to the denser streets. Pillars nearby include the New Jersey Performing Arts Center, Newark Museum of Art, and Newark Symphony Hall, tying daily life to the city’s cultural calendar. Transit lines along South Orange Avenue and Springfield Avenue connect the area to Downtown and neighboring districts.
Provided by Walk Score and Local Logic
Market insights
721 Springfield Ave · $1,300,000
DAYS ON MARKET
4 days
The average home goes pending in 74 days.
SALE-TO-LIST
102.4%
Most homes are selling 2% above list price.
LIST PRICE
$1,300,000
Median list price in this area is $739,450. (43% lower than this home)
PRICE DROP
0 price drops
9% of homes in this area have had a price drop in the past month.
Property details
Interior
Exterior
Finance
Interior features
Walkout basement
Bedrooms
Unit 3 has 3 bedrooms
Unit 4 has 2 bedrooms
Bathrooms
Two full bathrooms in the building
Two half bathrooms in the building
Unit 1: 1 bathroom
Unit 2: 1 bathroom
Unit 3: 1 bathroom
Unit 4: 1 bathroom
Kitchen
Unit 1 appliances: see remarks
Unit 2 appliances: see remarks
Unit 3 appliances: see remarks
Unit 4 appliances: see remarks
Laundry & utility
Tenant-paid utilities: tenants pay electric, gas, heat, and water for Units 1–4
Heating & cooling
Heating: see remarks
Heating fuel: see remarks
Cooling: see remarks
Exterior features
Corner lot
Brick siding
Roof: see remarks
Home design
Two-story unit style
Parking
On-street parking (see remarks)
Construction
Brick exterior
Utilities
Utilities: see remarks
Sewer: see remarks
Water source: see remarks
Financial info
Property contains 4 units
Gross operating income: $74,400
Total operating expenses: $12,600
Net operating income: $61,800
Unit 1 rent: $7,777 (security deposit listed as $7)
Unit 2 rent: $7,777
Unit 3 rent: $1,234 (security deposit $4,321)
Unit 4 rent: $4,321 (security deposit $1,234)
Electricity and solar
View estimated energy costs and solar savings for this home