IPRG NJ sells downtown Newark mixed-use portfolio for $5.3 Million

Newark, NJ — Investment Property Realty Group (IPRG) announced the sale of a four-building mixed-use portfolio located at 156–164 University Ave. and 53–55 Bleeker St. in the heart of downtown Newark. The portfolio was sold by IPRG NJ Yanni Marmarou (managing partner), Andrea Nestico (director), and Homer De Leon (Associate) for $5.3 million, representing 96% of the asking price and a 5.9% CAP rate.

The 15-unit portfolio sold for $353,000 per door with long-term tenancy. At the time of sale, 80% of the property was occupied, with only three vacant units. Notably, Dunkin’ Donuts recently signed a new 10-year lease, investing $100,000 into their new store buildout, further enhancing the property’s income stability and tenant quality.

The sale was structured as a cover land play, with the buyer planning a future student housing development on the site.