Skip To Content

587 Dr Martin Luther King J

Newark City, NJ 07102
  • $630,000
  • STATUS: Active Under Contract
  • ON SITE: 56 Days
  • MLS #: 3963920
Under Contract
UPDATED: 41 min ago
$630,000
  • 6
    BEDS
  • 0.04
    ACRES
  • 3
    BATHS
  • 0
    1/2 BATHS
Type:
Multi-Family
County:
Area:

School Ratings & Info

Description

This legal three-family property is a rare find in the heart of downtown Newark and a prime investment opportunity in a rapidly growing area. Live in one unit and rent out the others for steady income while building equity. The property features three units plus a basement with a walk-out to the street, ready to be finished for added value. Enjoy low taxes and a location surrounded by major redevelopment, just minutes from the Prudential Center, top restaurants, shopping, schools, Newark Penn Station, colleges, hospitals, and a vibrant downtown. There's also easy access to major highways, public transit, and Newark Airport. This is your chance to join the New Newark renaissance. Act now!

Monthly Payment Calculator



Garden State MLS logo © 2025 Garden State Multiple Listing Service, LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Trompeter Real Estate. Notice: The dissemination of listings on this website does not constitute the consent required by N.J.A.C. 11:5.6.1 (n) for the advertisement of listings exclusively for sale by another broker. Any such consent must be obtained in writing from the listing broker.The data relating to real estate for sale or lease on this web site comes in part from GSMLS. Real estate listings held by brokerage firms other than Trompeter Real Estate are marked with the GSMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. Data last updated 2025-07-14T19:47:12.52.
www.trompeterrealestate.com/homes/163963573
Print Image

587 Dr Martin Luther King J Newark City, NJ 07102

  • Price: $630,000
  • Status: Active Under Contract
  • On Site: 56 Days
  • Updated: 41 min ago
  • MLS #: 3963920
6
Beds
3
Baths
0
½ Baths
0.04
Acres
County:
Essex
Area:
Newark City
Property Description
This legal three-family property is a rare find in the heart of downtown Newark and a prime investment opportunity in a rapidly growing area. Live in one unit and rent out the others for steady income while building equity. The property features three units plus a basement with a walk-out to the street, ready to be finished for added value. Enjoy low taxes and a location surrounded by major redevelopment, just minutes from the Prudential Center, top restaurants, shopping, schools, Newark Penn Station, colleges, hospitals, and a vibrant downtown. There's also easy access to major highways, public transit, and Newark Airport. This is your chance to join the New Newark renaissance. Act now!
Exterior Features

Approximate Lot Size 18.7X100 Exterior Description Stone Number Of Parking Spaces 0 Parking Driveway Description On-Street Parking Roof Description Asphalt Shingle

Interior Features

Basement Yes Basement Description Unfinished Cooling Wall A/C Unit(s) Heating 3 Units Total Number Of Rooms 14 Unit1 Appliances Equipment Carbon Monoxide DetectorRange/Oven - GasRefrigeratorSmoke Detector Unit1 Baths 1.0 Unit1 Bedrooms 2 Unit1 Fireplaces 0 Unit1 Handicap Modified No Unit1 Levels 1 Unit1 Room Description BedroomsEat-In KitchenLiving Room Unit1 Rooms 5 Unit1 Security Deposit 1475 Unit1 Sq Ft 0 Unit2 Appliances Equipment Carbon Monoxide DetectorRange/Oven - GasRefrigeratorSmoke Detector Unit2 Baths 1.0 Unit2 Bedrooms 2 Unit2 Fireplaces 0 Unit2 Levels 2 Unit2 Room Description BedroomsEat-In KitchenLiving Room Unit2 Rooms 5 Unit2 Sq Ft 0 Unit3 Baths 1.0 Unit3 Bedrooms 2 Unit3 Fireplaces 0 Unit3 Levels 3 Unit3 Room Description BedroomsEat-In KitchenLiving Room Unit3 Rooms 5 Unit3 Sq Ft 0

Property Features

Assessment Total 151200 Building Assessment 113200 Easement Unknown Fha Age Restricted No Fuel Type Gas-Natural Gross Operating Income 0 Land Assessment 38000 Net Operating Income 0 Sewer Public Sewer Tax Amount 5750 Tax Rate Amount 3.803 Tax Rate Year 2024 Tax Year 2024 Total Operating Expense 0 Unit Style 3-Three Story Unit1 Owner Tenant Pays Owner Pays WaterTenant Pays ElectricTenant Pays Gas Unit1 Rent 1475 Unit2 Handicap Modified No Unit2 Owner Tenant Pays Owner Pays WaterTenant Pays ElectricTenant Pays Gas Unit2 Rent 0 Unit2 Security Deposit 0 Unit3 Handicap Modified No Unit3 Owner Tenant Pays Owner Pays WaterTenant Pays ElectricTenant Pays Gas Unit3 Rent 1650 Unit3 Security Deposit 0 Utilities Gas-Natural Water Public Water Year Built Description Unknown

Listing information © 2025 Garden State Multiple Listing Service,LLC.
Listing provided courtesy of : 908-355-1717.


Garden State MLS logo © 2025 Garden State Multiple Listing Service, LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Trompeter Real Estate. Notice: The dissemination of listings on this website does not constitute the consent required by N.J.A.C. 11:5.6.1 (n) for the advertisement of listings exclusively for sale by another broker. Any such consent must be obtained in writing from the listing broker.The data relating to real estate for sale or lease on this web site comes in part from GSMLS. Real estate listings held by brokerage firms other than Trompeter Real Estate are marked with the GSMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. Data last updated 2025-07-14T19:47:12.52.
 
https://bt-photos.global.ssl.fastly.net/gsmls/orig_boomver_1_3963920-2.jpg https://bt-photos.global.ssl.fastly.net/gsmls/orig_boomver_1_3963920-2.jpg https://bt-photos.global.ssl.fastly.net/gsmls/orig_boomver_1_3963920-2.jpg
Logo
Trompeter Real Estate
355 Varick Street
Jersey City NJ, 07302