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393 Main St
East Orange, NJ 07018
Multifamily Property For Sale
·
14 Units
INVESTMENT HIGHLIGHTS
- 4 -story brick walk-up with 14 apartments over 2 ground floor retail units.
- Strong unit mix: two 1bed/1bath units, six 2bed/1bath units and six 3bed/1bath units.
- Transit oriented location, only 2.5 blocks from the East Orange Train Station.
- Built 1929 and fully gut renovated in 2021.
- New boiler, HW heater, roof, upgraded electrical, plumbing, video surveillance and, sprinklers.
- Transit oriented location, only 2.5 blocks from the East Orange Train Station.
EXECUTIVE SUMMARY
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. Located on a regular shaped 40'x133' (0.12 acre) lot, the 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
located in the basement for tenant's usage. The property sits 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 and was completely gut renovated, which includes full unit renovations
(apartments and retail) plus the installation of a new boiler, hot water heater, roof, upgraded electrical systems, plumbing lines, sprinkler system and video surveillance.
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. 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%.
was constructed in 1929 and was completely gut renovate in 2021. Located on a regular shaped 40'x133' (0.12 acre) lot, the 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
located in the basement for tenant's usage. The property sits 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 and was completely gut renovated, which includes full unit renovations
(apartments and retail) plus the installation of a new boiler, hot water heater, roof, upgraded electrical systems, plumbing lines, sprinkler system and video surveillance.
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. 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%.
PROPERTY FACTS
| Price Per Unit | $341,502 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 6.52% | Building Size | 25,000 SF |
| Gross Rent Multiplier | 9.59 | Average Occupancy | 0% |
| No. Units | 14 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1950 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise |
| Price Per Unit | $341,502 CAD |
| Sale Type | Investment |
| Cap Rate | 6.52% |
| Gross Rent Multiplier | 9.59 |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.12 AC |
| Building Size | 25,000 SF |
| Average Occupancy | 0% |
| No. Stories | 4 |
| Year Built | 1950 |
| Opportunity Zone |
Yes |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 1 | - | 1,083 |
| 3+2 | 13 | - | 1,402 |
PROPERTY TAXES
| Parcel Number | 05-00385-0000-00004 | Improvements Assessment | $1,833,681 CAD |
| Land Assessment | $148,526 CAD | Total Assessment | $1,982,206 CAD |
PROPERTY TAXES
Parcel Number
05-00385-0000-00004
Land Assessment
$148,526 CAD
Improvements Assessment
$1,833,681 CAD
Total Assessment
$1,982,206 CAD
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