992 S Orange Ave - Apartments FOR SALE


Newark, NJ 07106- Lower Vailsburg
$699,000 USD
646-344-9964
992 S Orange Ave, Newark, NJ for Sale
$699,000 USD
Apartments - FOR SALE
1/6
null | 7.43% Cap Rate

992 S Orange Ave
Newark, NJ 07106
Lower Vailsburg


HIGHLIGHTS

  • Owner/User Opportunity Thru Vacant Apartment
  • Separately Metered Utilities
  • Apt Rental Income Upside
  • Fenced-in Rear Courtyard
  • High Walkability to Seton Hall University

OVERVIEW

3-story mixed-use offering 3 units comprised of two 3-BD apartments anchored by one neighborhood retail storefront. Located on upper levels, each elongated-shaped apartment with wood flooring & storm windows features dedicated living room space, eat-in kitchen, one centralized full bath and front/middle bedrooms respectively. The commercial leasehold w/ 9 ft ceiling height currently operating under restaurant use contains an in-place ventilation system affording hot kitchen use and sole access to stand-up unfinished basement as well as fenced-in courtyard w/ gated exterior side egress ideal for loading purposes. Utility infrastructure offers separately metered electric & heat/hot water fueled by gas for all units while the commercial tenant assumes full responsibility of cold water/public sewer expense for the entire building. Convenient Upper Vailsburg geography offers immediate access to NJ Transit public bus transportation/local shopping and high walkability to South Orange-based Seton Hall University. New ownership positioned to benefit from return-on-investment upside thru vacant apartment lease-up at market rate plus 3.0% annual rent escalations from commercial tenant and rent improvement in one unit currently -28% below the immediate area's median market rent of $2,350 for 3-Bed unit type. Investment opportunity ideal for owner/user thru vacant apartment occupancy or small Core Plus investors open to minor property enhancements and minimal management responsibilities.

FOR SALE DETAILS

PRICE

$699,000 USD

PRICE/SF

$181 USD /SF

# OF UNITS

3

PRICE/UNIT

$233,000

CAP RATE

7.43%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

992 So. Orange Ave Apts

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1927

PARKING SPACES

-

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

C-2

APN/PARCEL ID

16-04114-0000-00006

ASK ABOUT THIS PROPERTY

Paul E. WashingtonColdwell Banker Commercial RealtyMore Info
646-344-9964

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Paul E. WashingtonColdwell Banker Commercial RealtyMore Info
646-344-9964

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