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162 Spring St

City Of Orange Twp., NJ 07050
  • $1,350,000
  • STATUS: Active Under Contract
  • ON SITE: 192 Days
  • MLS #: 3904363
UPDATED: 40 min ago
$1,350,000
  • 0
    BEDS
  • 0.15
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 6,750
    SQFT
  • $200
    $/SQFT
Type:
Commercial
Built:
1965
County:

School Ratings & Info

Description

Welcome to this exceptional investment opportunity a well-maintained legal 8-family apartment building situated on the border of W Orange and close to Montclair. This property offers stability and potential, making it a valuable addition to any real estate portfolio. Key features include a private parking lot with 8 spaces, an on-premises coin-op laundry facility, and significant upside potential through re-development or minor renovations and market rent adjustments. Currently, the building is under-rented due to legacy tenants, free parking, and dated finishes. However, this presents a significant growth opportunity. Two of the eight units have recently been renovated at a cost of $22k each. These units now command market rents around $1,650 per month, plus an additional $100 for parking. With these improvements, the property is poised to achieve an 9% CAP rate in a relatively short period. This robust return on investment is supported by the high demand for quality rental housing in the area, particularly with the added convenience of on-site parking and laundry facilities.The building has been meticulously maintained, ensuring strong structural integrity and reducing repair costs. Beyond the immediate income potential, there is also the possibility of further development, depending on zoning regulations and permissible alterations. This could involve re-configuring the building or expanding to maximize rental income or exploring alternative uses.

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Garden State MLS logo © 2024 Garden State Multiple Listing Service, LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Pina Nazario, Coldwell Banker Residential Brokerage. Notice: The dissemination of listings on this website does not constitute the consent required by N.J.A.C. 11:5.6.1 (n) for the advertisement of listings exclusively for sale by another broker. Any such consent must be obtained in writing from the listing broker.The data relating to real estate for sale or lease on this web site comes in part from GSMLS. Real estate listings held by brokerage firms other than Pina Nazario, Coldwell Banker Residential Brokerage are marked with the GSMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. Data last updated 2024-12-08T10:46:08.49.
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162 Spring St City Of Orange Twp., NJ 07050

  • Price: $1,350,000
  • Status: Active Under Contract
  • On Site: 192 Days
  • Updated: 40 min ago
  • MLS #: 3904363
0
Beds
0
Baths
0
½ Baths
0.15
Acres
6,750
SQFT
$200
$/SQFT
1965
Built
County:
Essex
Area:
City Of Orange Twp.
Property Description
Welcome to this exceptional investment opportunity a well-maintained legal 8-family apartment building situated on the border of W Orange and close to Montclair. This property offers stability and potential, making it a valuable addition to any real estate portfolio. Key features include a private parking lot with 8 spaces, an on-premises coin-op laundry facility, and significant upside potential through re-development or minor renovations and market rent adjustments. Currently, the building is under-rented due to legacy tenants, free parking, and dated finishes. However, this presents a significant growth opportunity. Two of the eight units have recently been renovated at a cost of $22k each. These units now command market rents around $1,650 per month, plus an additional $100 for parking. With these improvements, the property is poised to achieve an 9% CAP rate in a relatively short period. This robust return on investment is supported by the high demand for quality rental housing in the area, particularly with the added convenience of on-site parking and laundry facilities.The building has been meticulously maintained, ensuring strong structural integrity and reducing repair costs. Beyond the immediate income potential, there is also the possibility of further development, depending on zoning regulations and permissible alterations. This could involve re-configuring the building or expanding to maximize rental income or exploring alternative uses.
Exterior Features

Approximate Lot Size 50X135 Construction Brick/Block Exterior Description Brick/Block Location Residential Area Number Of Bays 0 Number Of Docks 0 Parking Driveway Description BlacktopOff-Street ParkingParking Lot-Exclusive Roof Description Asphalt Shingle

Interior Features

Basement Yes Basement Description StorageWalkout Cooling Wall A/C Unit(s) Equipment Available Appliances Heating 1 UnitBaseboard - HotwaterMulti-Zone Max Ceiling Height 8 Max Door Height 8 Number Of Lavatories 8 Office Sq Ft 0

Property Features

For Sale Or Lease For Sale Free Rent No Fuel Type Gas-Natural Owner Pays HeatHot WaterMaintenance-Common Area Primary Property Type Apartment Complex Property Type Apartment Complex Sale Includes Building & Land Sewer Public Sewer Suite Number NA Tax Amount 27766 Tax Rate Amount 3.727 Tax Rate Year 2023 Tax Year 2024 Tenant Pays Electric Utilities Gas-Natural Water Public Water Year Built Description Approximate Zoning A-2

Listing information © 2024 Garden State Multiple Listing Service,LLC.
Listing provided courtesy of Keller Williams Realty: 917-334-3793.


Garden State MLS logo © 2024 Garden State Multiple Listing Service, LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Pina Nazario, Coldwell Banker Residential Brokerage. Notice: The dissemination of listings on this website does not constitute the consent required by N.J.A.C. 11:5.6.1 (n) for the advertisement of listings exclusively for sale by another broker. Any such consent must be obtained in writing from the listing broker.The data relating to real estate for sale or lease on this web site comes in part from GSMLS. Real estate listings held by brokerage firms other than Pina Nazario, Coldwell Banker Residential Brokerage are marked with the GSMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. Data last updated 2024-12-08T10:46:08.49.
 
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789 Clifton Avenue
Clifton NJ, 07013