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I am looking into an investment property in the North Broadway area of Newark. NJ. Right by the corner of Montclair Ave and Broadway. There is a Tacos Mexico there, and a U-Haul.
Please let me know what you think of this area. Much appreciated.
The north ward is one of the best in Newark. You have Branch Brook Park, created by Olmsted, the same person who created Central Park. You also have forest hills with grand houses and quiet tree lined streets. Personally I like Bloomfield Avenue over Broadway. It is nicer and has more stores. Broadway is pretty dead to be honest except for some stores and auto related stores.
It looks dangerous but I dont think its that bad. Theres a lot of ethnic groups and Spanish spoken. Technology high school, route 21, newark library are nearby. I rather live there than ironbound, a bit less crowded and open to towns north.
Also the north ward has great restaurants like Dickie Dees's (for Newark style Italians hot dogs), Calandra's bakery, as well as Puerto Rican, Dominican, Ecuadorian, and other restaurants.
This is an investment property, so you are going to be renting to lower income individuals, probably section 8. The area is eh...Lots of issues up there. Rents won't be very high in this area compared to downtown or the Ironbound.
It's a 'fine' area and certainly not one of Newark's worst. There isn't a lot of motion there though, the most notable North Ward businesses are things that have just been there forever like Calandra's and Dickie Dee's. You're not going to find much of the resurgence that has been taking over the Downtown areas and the nearby Ironbound. If any improvement is happening in the area it's very slow.
This is an investment property, so you are going to be renting to lower income individuals, probably section 8. The area is eh...Lots of issues up there. Rents won't be very high in this area compared to downtown or the Ironbound.
I'd want a 8-10% cap ratio in this area.
Thanks very much for your reply, and to all the others in this thread as well. You are correct, 1 tenant is Section 8.
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