Rental property near Newark Penn Station?

Question

We're looking at a rental property in Newark and I'm wondering if Newark Penn Station is as bad as I've heard. I heard homeless and panhandlers are aggressive and it's not a place someone would want to commute through all week.  Is this accurate? It could discourage a renter from sticking around.

Tolani Onigbanjo · Answer

I've lived in Newark for the past year and I'm about a 20 minute walk from Penn Station. If you want to invest in the city I would suggest you come down and get a view of the area yourself. it is really discouraging when people who don't even live in the city keep saying negative things about Newark. I have not had ANY issues since living here and I actually have grown to love the city and the tremendous opportunity that is here for real estate investors. Just yesterday me, my wife and our 7-month-old daughter walked from the Ironbound section (East Ward) right through the Penn Station area to hang out in downtown for a bit. While we did see one or two homeless people they were minding their own business and were not bothering anybody. Don't just go by what you read or heard about Newark in the past. The city is changing for the better and if you are interested in investing the time is now because prices will go up.

Moises Mari · Answer

Hi @Steve Apple, to begin, I'll disclose that I have rental property in Newark, in areas with higher crime than Iron Bound. Having said that, I personally would feel safe walking around that section, but it all depends what you or your tenant considers safe.  Newark does have some higher crime areas but I would consider Iron bound an area with lower exposure to that. Check out the crime stats in that area for a better view of this opinion, you should be able to find this info on online maps.

Before I purchase any rental property I drive around the area early mornings, in mid-day, around noon time, and also late at night, 9-11pm to see what type of activity I see around the property I'm interested in.  It helps me get a better view of what I'm getting myself into.  I also talk to some of the neighbors to get their insight of the area, most neighbors if approached are friendly, I talk to the neighbors around noon time, FYI...  Feel free to reach out with any additional questions about Newark.

Account Closed · Answer

So many investors are in the Ironbound buying up the properties with all cash deals. They are doing this because the see the growth going on and the potential for the future. It is just 20 minutes from NYC after all. I lived in the Ironbound all my life and never heard or seen a shooting. I do see a lot of homeless people and panhandlers in the streets, but I don't think that makes it dangerous. I feel like a lot of people have over exaggerated negative preconceptions about Newark, and because of it they are missing out on some really great deals. Once they realize it, it will be too late and properties will be too expensive.

Steve A. · Answer

Thanks for all the great replies about Newark Penn Station! I had a feeling that the description of the station may have been exaggerated a bit.

Steve

Hugo Alves · Answer

@Steve Apple I completely agree with @Tolani Onigbanjo. There's different parts of Newark, some better than others, just like Philadelphia. I've lived here my entire life and I've had very little issues. Downtown (Penn Station) is being worked form all angles by developers, they just recently finished up teacher's village. I would encourage you coming over and walking the area. You would give you a different idea of Newark. Also keep in mind, right to the south, aka one block over, is Ironbound Newark, which is known for it's real estate in NJ.

Kevin Schaefer · Answer

@Steve Apple Newark Penn Station is not bad and a ton of NJ commuters go through their on a daily basis. It is true that downtown and the Ironbound have a ton of investment going on and the city is getting better all the time. On the other hand, there are still some Very Dangerous areas. I was showing an 8 unit building a few weeks back and there was a shooting about 50 yards from where I was standing. As the gunfire rang out I never ran so fast or was so scared in my entire life.  This was at 2pm in broad daylight, almost on the Irvington border in the dreaded numbered streets area. That week there were 9 shootings in a 24 hour period in Newark.

So @Tolani Onigbanjo is correct it's a great city and some areas are walkable, but you should really go down there and check it out for yourself. Don't miss out on eating some Portuguese food in the Ironbound when you go.

Rental property near Newark Penn Station?

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