Newark, NJ

12 Units – Purchase Q3 2016 – Increased NOI: 34%

Sullivan Communities acquired  101 Camden St, located in Newark, NJ. The building consist of 12 units. 6 – 1 BRs and 6 Studios.

Initial Analysis:

Rents were 23% below market rate. All units required full renovations including common areas.

Result:

7 of 12 units renovated. NOI increased by 34%.