Newark, NJ Basement Conversions

[Jerome Nunez]

BP Community!

For context, I'm evaluating multifamily properties in Newark, NJ - predominately 2-3 unit properties. I've looked at a few duplexes and I've noticed some listings zoned in areas that go up to 3 units. Some of the duplexes have livable basements that fit the City of Newark's code for basement occupancy: (1) ready means of egress through two accessible doors and (2) fireproof partition / wall completely separating any boiler or furnace unit. Does anyone know the process (including timing) of conversion in the City of Newark and what the implications are (e.g., tax assessment, building value)?