103 Central Ave - Apartments FOR SALE


Orange, NJ 07050
$1,100,000 USD
917-796-9958
103 Central Ave, Orange, NJ for Sale
$1,100,000 USD
Apartments - FOR SALE
1/11
null | 7.9% Cap Rate

103 Central Ave
Orange, NJ 07050


HIGHLIGHTS

  • Major Upside Potential in Rents
  • 2 and 3 Bedroom Apartments
  • Very Stable Commercial Tenants
  • Direct Across the Street from Essex County's New Monte Irvin Park
  • Township of Orange allows for 4% increases per year
  • Ability to Increase Curb Appeal with minor cosmetic improvements

OVERVIEW

This two-story, mixed-use building contains 5 apartments and 2 commercial units. It is constructed of concrete block and frame and is fully occupied. Two commercial spaces on the ground floor and five residential apartments above. The commercial units are leased to long-term tenants who have benefited from the property’s high visibility and steady traffic count and growth in the area. The residential component consists of (2) Three-bedroom apartments and (3) Two-bedroom apartments. All residential units have been renovated within the past 10 years. Utilities are fully separated, and three of the five apartments are equipped with in-unit HVAC systems. Additional features include: • Separate Gated Entrance for Residential Units Located in the rear of the property • On-site parking for four vehicles • Located directly across from the brand new Monte Irvin Park, expected to significantly increase foot traffic and enhance neighborhood appeal

FOR SALE DETAILS

PRICE

$1,100,000 USD

PRICE/SF

$246 USD /SF

# OF UNITS

7

PRICE/UNIT

$157,143

CAP RATE

7.9%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1891

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.11 AC

LAND SF

5,001 SF

ZONING

-

APN/PARCEL ID

17-03304-0000-00043

ASK ABOUT THIS PROPERTY

Frank PronestiInvestment Realty ProMore Info
917-796-9958

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Frank PronestiInvestment Realty ProMore Info
917-796-9958

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.