Listing Courtesy of: 917-334-3793 - JOSHUA LEVITT - KELLER WILLIAMS REALTY
908-273-2991
$1,350,000
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162 SPRING ST Unit NA Orange, NJ 07050
Apartment
Residence
Beds
8
Baths
...
Bed/Bath
6,750
Sq. Ft.
Property Activity
Time on Site
days
Days on Market
Views
Saves
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 p...arking 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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MLS#
3904363
Property Type
Apartment
Bathrooms
8 Full
Year Built
1965
Square Feet
6,750
sq. ft
Price per Sq. Ft.
$232.64
Lot Size
0.15
Sewer
Public Sewer
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