Hi all -
I'm a teacher in Newark looking to invest in the next year in a multifamily that we can owner-occupy and rent out the remaining units. Ideally, the money we save on our mortgage will go towards a second property, and then go from there.
We've lived in downtown Newark for the last two years, and while I'd love to invest downtown, it seems inventory is extremely limited, especially for multi families. However, the Ironbound section seems to have plenty of MFs and a stable stream of renters.
Are any other BP investors active in the Ironbound section? If so, I'd love to hear your experience with the neighborhood!
I am looking in ironbound, unfortunately the prices are generally fairly high on multifamily for Newark and don't meet our investment criteria for ROI. There are some good deals to be found in ironbound, we are looking at some conversion projects on commercial stuff, but 2-4 family is competitive and expensive.
I am very interested in breaking into the downtown market of Newark, most of our stuff is west of town and I feel that downtown has the chance to appreciate the most. I think that for the most part ironbound has already come up, but if you are going to owner occupy I couldn't blame you for looking there
I'm a huge fan of Newark, and especially downtown. With the rehabbed Military Park, and the Whole Foods and new Pru building opening up next year, it's definitely changing! I also just saw a GAP is coming soon, so now all we're missing is a couple Starbucks :)
I have not invested in Ironbound as of yet. I know a number of people who have. The Ironbound has changed a lot over the past several years, some good, some not so good. Like everywhere else you need to research the neighborhoods. I've actually seen what looks to be some pretty good deals on multi's on some of the auction sites.
I agree with your assessment of downtown. I've been invested n Halsey for many years. Is the City/State still offering incentives for teaches to invest in Newark? Reach out to me some time and let's grab a coffee and chat (maybe not Starbucks, but Art Kitchen is alive and kickin).
Dave Anstatt, Halsey Associates
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