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393 Main St
East Orange, NJ 07018
Immeuble residentiel Propriété À vendre
·
14 Unités
Certaines informations ont été traduites automatiquement.
FAITS SAILLANTS DE L'INVESTISSEMENT
- 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.
RÉSUMÉ DE L'ANNONCE
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%.
FAITS SUR LA PROPRIÉTÉ
| Prix par unité | 334 559 $ CAD | Classe d’immeuble | B |
| Type de vente | Investissement | Taille du lot | 0,12 AC |
| Taux de capitalisation | 6,52% | Taille du bâtiment | 25 000 pi² |
| Multiplicateur du loyer brut | 9.59 | Occupation moyenne | 0% |
| Nombre d’unités | 14 | Nombre d’étages | 4 |
| Type de propriété | Immeuble residentiel | Année de construction | 1950 |
| Sous-type de propriété | Appartement | Zone de développement économique |
Oui
|
| Style d’appartement | De hauteur moyenne |
| Prix par unité | 334 559 $ CAD |
| Type de vente | Investissement |
| Taux de capitalisation | 6,52% |
| Multiplicateur du loyer brut | 9.59 |
| Nombre d’unités | 14 |
| Type de propriété | Immeuble residentiel |
| Sous-type de propriété | Appartement |
| Style d’appartement | De hauteur moyenne |
| Classe d’immeuble | B |
| Taille du lot | 0,12 AC |
| Taille du bâtiment | 25 000 pi² |
| Occupation moyenne | 0% |
| Nombre d’étages | 4 |
| Année de construction | 1950 |
| Zone de développement économique |
Oui |
UNITÉ RENSEIGNEMENTS SUR LE MÉLANGE
| DESCRIPTION | NOMBRE D’UNITÉS | LOYER MOYEN/MOIS | pi² |
|---|---|---|---|
| 2+1 | 1 | - | 1 083 |
| 3+2 | 13 | - | 1 402 |
Impôts fonciers
| Numéro de lot | 05-00385-0000-00004 | Évaluation des bâtiments | 1 834 994 $ CAD |
| Évaluation du terrain | 148 632 $ CAD | Évaluation totale | 1 983 626 $ CAD |
Impôts fonciers
Numéro de lot
05-00385-0000-00004
Évaluation du terrain
148 632 $ CAD
Évaluation des bâtiments
1 834 994 $ CAD
Évaluation totale
1 983 626 $ CAD
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