I am new to the city and have a keen interest in real estate investing. I have been driving around the neighborhoods in the city trying to get a feel for what each of them have to offer in terms of vibe, potential etc. Here is a map i put together
Based on my limited knowledge of the city:
1 - City center - old building being rehabbed, some new construction; mostly condo. Mostly commercial. I felt like this is still a mixed bag but with potential as the new amenities get built out.
2. Area 1 - Did not get a great vibe from this neighborhood . too many boarded up homes, trash on the street etc
3 - Triangle below Uni - Closer to university hospital, the houses seem nicer, the closer i got the the freeway to the west, the more run down the neighborhood looked
4 - Clinton Ave - Only drove around the cemetery area, some of the streets seemed very nice. Yards well kept. Spoke to an old lady who had lived there for 30+ years who liked living there. Parts of this neighborhood reminded me of the North side in Richmond Va where i am from.
5 The wedge and area 2 - have not had the chance to survey yet.
I know a few drive bys are not enough to be able to understand the lay of the land so i may be totally of base; which is why i would love to hear from folks that are more seasoned
Hope to get a good conversation going.
@Satha Palani I know I'm a few years late but curious how your search went. I'm currently undergoing a similar process interested in the city center area.
I have lived in the Ironbound for the last 4 years and the following are my thoughts , observations and opinions.
1. Newark is rapidly gentrifying. There are a lot of negative opinions about Newark out there and most if it is warranted but that does not change the fact that the city is gentrifying.
2. New residents are moving here for cheaper rents and the easy commute. Not the schools or restaurants or the quality of living. The subway ride from Borough Park or Flatbush in Brooklyn to Penn station NYC is over an hour. same trip takes under 40 min from Newark. The difference in rent for a 2 bed one bath between the 2 areas is about $300/month. My neighbor moved here for this very reason. There are other drivers; including the growing number of jobs in Newark, but the commute is key IMHO.
3.In light of 1 and 2 above, some neighborhoods are are better bets vs. others. My top picks are as follows:
1. Ironbound/ down neck- this is the triangle that is wedged between route 21 and the Passaic river. Pretty much the best neighborhood in Newark. Safe and extremely walkable. Great access to public transit via Penn station. NJ transit , Path, Newark Light rail and buses all in one place. It is impossible to buy anything here that will come close to meeting the investment return standards you see on this site. :)
2- university heights and the areas adjoining NJIT - Pretty much anything within 4 or 5 blocks of either Rutgers or NJIT is good. Both schools are pouring development dollars into the areas and there is a flurry of adaptive reuse projects in the works. Access to multiple Newark light rail station that get you into Penn station directly.
3. Northside close to Broad street station - West of Branch brook park and east of the river, north of 280 and south of 3rd ave. This is where I see residential development moving in the future. Close to broad street station which is one stop away from NYC Penn and has a light rail stop as well. Development in the city is moving this way as well. The Bears stadium has been sold and will be re-developed into commercial and residential spaces. Good commercial / retails corridor on Bloomfield and park avenues and proximity to the park.
Not saying other neighborhoods are all bad. I agree with other posters on here that most of Newark is Block by block. The areas listed above are, in my opinion most likely to increase / retain value over the long run.
@Satha Palani Wow, thanks for that breakdown! Super helpful and reassuring that I'm headed in the right direction.
I'm an investor and Realtor from Newark NJ. If interested in moving forward or starting up don't hesitate to reach out. this is a great post.
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