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Additional details
Listed by Paul Washington Coldwell Banker, Upper Montclair
$ 699,000
Est. payment /mo
Active
992 S Orange AVE Newark, NJ 07106
UPDATED:
Key Details
Property Type Multi-Family, Commercial
Sub Type Res/Com Mixed
Listing Status Active
Purchase Type For Sale
MLS Listing ID 25022118
Style Res/Com Mixed
Property Sub-Type Res/Com Mixed
Property Description
Three-story mixed-use offering 3 units comprised of two 3-Bed apartments anchored by one neighborhood retail storefront. Located on upper levels, each elongated-shaped apartment with wood flooring and 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 responsib
Location
State NJ
County Essex
