162 Spring St Under Contract Save Request In-Person Tour Request Virtual Tour
City Of Orange Twp.,NJ 07050
Key Details
Property Type Multi-Family
Listing Status Under Contract
Purchase Type For Sale
Square Footage 5,308 sqft
Price per Sqft $254
MLS Listing ID 3904363
Year Built 1965
Annual Tax Amount $27,766
Tax Year 2024
Lot Size 6,534 Sqft
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.
Location
State NJ
County Essex
Zoning A-2
Rooms
Basement Storage, Walkout
Interior
Heating Gas-Natural
Cooling Wall A/C Unit(s)
Equipment Appliances
Heat Source Gas-Natural
Exterior
Exterior Feature Brick/Block
Utilities Available Gas-Natural
Roof Type Asphalt Shingle
Building
Story 2
Sewer Public Sewer
Water Public Water
Others
Ownership Fee Simple