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Multifamily

18 Summit Street Apartments

18 Summit St, East Orange, NJ 07017

Listing Price: $9,000,000

Cap Rate
6.56%
Number of Units
75
GRM
9.38
Price/Unit
$120,000
Price/Gross SF
$350.25
Gross SF
25,696

Investment Overview

INTEREST OFFERED
Fee simple interest in: 18 Summit Street, East Orange, NJ

TERMS OF SALE
The subject property is being offered free and clear of debt for $9,000,000.

PROPERTY TOURS
Prospective purchasers are encouraged to schedule a guided virtual tour with the Marcus & Millichap listing agents. In-person tours will be scheduled on selected dates after prospective purchasers have submitted Proof of Funds and an initial non-binding Letter of Intent. At no time shall the tenants, management or staff be contacted without prior approval.

OFFER PROTOCOL
A non-binding Letter of Intent is required prior to scheduling in-person tours. Offers will be evaluated based on:
• Price
• Deposit Amount and Terms
• Equity Source
• Debt -if applicable, specify the terms underwritten and if offer is contingent on financing
• Timing -due diligence and estimated closing date

Buyers are encouraged to visit the Due Diligence available on Marcus & Millichap website in order to reduce contingencies and time needed to close the transaction.

Investment Highlights

  • VALUE ADD OPPORTUNITY: $972,788 Effective Gross Income, 23% Below Market Rents PROPERTY ATTRIBUTES: Intercom Access, 24hr Surveillance Security System, Off-street Parking, On-Site Laundry, Gym
  • FAVORABLE LOCATION: Central Essex County, Walk Score: 80, Transit Score: 61 • 0.5 mi to East Orange Train Station • 0.7 mi to Brick Church Train Station • 29 min commute from Brick Church into NYC
  • 2017 COMPLETE GUT RENVOATION: Capital Improvements Include Roof, Windows, Fire Prevention –Fire Stack, Alarm System, Updated Electric & Plumbing

Exclusively Listed By

Multifamily

18 Summit Street Apartments

Listing Price: $9,000,000

Cap Rate
6.56%
Number of Units
75
GRM
9.38
Price/Unit
$120,000
Price/Gross SF
$350.25
Gross SF
25,696

Investment Highlights

  • VALUE ADD OPPORTUNITY: $972,788 Effective Gross Income, 23% Below Market Rents PROPERTY ATTRIBUTES: Intercom Access, 24hr Surveillance Security System, Off-street Parking, On-Site Laundry, Gym
  • FAVORABLE LOCATION: Central Essex County, Walk Score: 80, Transit Score: 61 • 0.5 mi to East Orange Train Station • 0.7 mi to Brick Church Train Station • 29 min commute from Brick Church into NYC
  • 2017 COMPLETE GUT RENVOATION: Capital Improvements Include Roof, Windows, Fire Prevention –Fire Stack, Alarm System, Updated Electric & Plumbing

Investment Overview

INTEREST OFFERED Fee simple interest in: 18 Summit Street, East Orange, NJ TERMS OF SALE The subject property is being offered free and clear of debt for $9,000,000. PROPERTY TOURS Prospective purchasers are encouraged to schedule a guided virtual tour with the Marcus & Millichap listing agents. In-person tours will be scheduled on selected dates after prospective purchasers have submitted Proof of Funds and an initial non-binding Letter of Intent. At no time shall the tenants, management or staff be contacted without prior approval. OFFER PROTOCOL A non-binding Letter of Intent is required prior to scheduling in-person tours. Offers will be evaluated based on: • Price • Deposit Amount and Terms • Equity Source • Debt -if applicable, specify the terms underwritten and if offer is contingent on financing • Timing -due diligence and estimated closing date Buyers are encouraged to visit the Due Diligence available on Marcus & Millichap website in order to reduce contingencies and time needed to close the transaction.

Exclusively Listed By

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