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Multifamily

286 S Center St

286 S Center St, City of Orange, NJ 07050

Listing Price: $1,750,000

Cap Rate
3.54%
Number of Units
16
Occupancy
94.0%
Price/Unit
$109,375
Price/Gross SF
$165.72
Gross SF
10,560

Investment Overview

Marcus & Millichap is pleased to exclusively bring the property located at 286 South Center Street in Orange, Essex County, New Jersey to the market. This 2-story brick, garden style, walk-up, building contains 16 one-bedroom / one-bathroom apartments over 19 covered parking spaces. The building is completely electric and all units in the building are individually metered for electric usage with tenants covering the cost of their electric heat and usage. The landlord pays for water/sewer and common area electric only. Unit 15 will be delivered vacant allowing the purchaser to increase the rent to market rent. A tax appeal has been filed to reduce the real estate taxes. The subject property offers the potential purchaser the ability to increase the gross base rent by approximately 89% over their hold period. Orange allows for vacancy decontrol. Once a unit is vacated the owner can renovate the unit ad submit picture to the building department for the approval to bring the apartment to market rent. The property offers easy access to all points in New Jersey because it is less than ½ mile to I-280, granting easy access to the Garden State Parkway, I-95 and I-78. In addition, the property is 0.7 miles away from the NJ Transit, Highland Avenue train station. Tenants of the property can reach New York Port Authority within one hour. The building at 286 South Center Street in Orange, New Jersey represents a solid investment because of its solid bones and the desirability of garden style apartment complexes, with parking, in Northern New Jersey and the huge upside potential. Over time an investor could reposition the property to generate a 10.87% cap rate and a 28.48% cash on cash return, after renovating all units and bringing in new tenants at market rents.

Investment Highlights

  • 89% Gross Rental Upside Potential
  • Projected Cap Rate of 10.87% and a Potential COC of 28.48%
  • Orange Allows Apartments to be Brought to Market Rent Upon Full Renovation of Units

Exclusively Listed By

Financing By

Multifamily

286 S Center St

Listing Price: $1,750,000

Cap Rate
3.54%
Number of Units
16
Occupancy
94.0%
Price/Unit
$109,375
Price/Gross SF
$165.72
Gross SF
10,560

Investment Highlights

  • 89% Gross Rental Upside Potential
  • Projected Cap Rate of 10.87% and a Potential COC of 28.48%
  • Orange Allows Apartments to be Brought to Market Rent Upon Full Renovation of Units

Investment Overview

Marcus & Millichap is pleased to exclusively bring the property located at 286 South Center Street in Orange, Essex County, New Jersey to the market. This 2-story brick, garden style, walk-up, building contains 16 one-bedroom / one-bathroom apartments over 19 covered parking spaces. The building is completely electric and all units in the building are individually metered for electric usage with tenants covering the cost of their electric heat and usage. The landlord pays for water/sewer and common area electric only. Unit 15 will be delivered vacant allowing the purchaser to increase the rent to market rent. A tax appeal has been filed to reduce the real estate taxes. The subject property offers the potential purchaser the ability to increase the gross base rent by approximately 89% over their hold period. Orange allows for vacancy decontrol. Once a unit is vacated the owner can renovate the unit ad submit picture to the building department for the approval to bring the apartment to market rent. The property offers easy access to all points in New Jersey because it is less than ½ mile to I-280, granting easy access to the Garden State Parkway, I-95 and I-78. In addition, the property is 0.7 miles away from the NJ Transit, Highland Avenue train station. Tenants of the property can reach New York Port Authority within one hour. The building at 286 South Center Street in Orange, New Jersey represents a solid investment because of its solid bones and the desirability of garden style apartment complexes, with parking, in Northern New Jersey and the huge upside potential. Over time an investor could reposition the property to generate a 10.87% cap rate and a 28.48% cash on cash return, after renovating all units and bringing in new tenants at market rents.

Exclusively Listed By

Financing By

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