Investment Overview

Marcus & Millichap is excited to exclusively represent the owners in the sale of 393 Main Street, East Orange, Essex County, New Jersey. This well maintained building was constructed in 1929 and was completely gut renovate in 2021 on a regular shaped 40'x133' (0.12 acre) lot. This 4-story brick, walk-up building contains 14 apartments and 2 ground floor retail units. The residential unit mix is: two 1bed/1bath units, six 2bed//1bath units and six 3bed/1bath units. Two washers and dryers are in the basement for tenant's usage. The property is located on the northeast corner of Main Street (Dr. MLK Jr. Blvd) and North Walnut Street. The property has been professionally owned and managed since acquisition in 2017. The property has been completely gut renovated, which includes the installation of a new boiler, hot water heater, roof, upgraded electrical systems, plumbing lines, sprinkler system and video surveillance. All apartment and retail units have been completely gut renovated. Apartments are individually metered and tenants pay their own cooking gas and electric. The landlord pays for common area electric, heat and water/sewer. 393 Main Street is a commuter's dream, only 2.5 blocks away from the East Orange NJ Transit Train Station, that provides easy access to Newark Penn Station and then NYC. Additionally, the building is 1 block away from the I-280 entrance, which merges into the Garden State Parkway less than 1/4 mile from the property. The subject property represents a solid investment based on its strong physical condition and financial stability with growth potential. The net rental upside 9.49% generates an increased NOI from $357,308 to $391,200. This growth pushes the cap rate from a 6.52% to 7.15% and the total return from 6.62% to 8.55%.