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70 City Hall Plaza
East Orange, NJ 07017
Commerce de détail Propriété À vendre
Certaines informations ont été traduites automatiquement.
Faits saillants de l'investissement
- 2021 gut renovated mixed-use building with 4 apartments.
- Transit oriented location, immediately across from the East Orange NJ Transit Station.
- Current Cap Rate is 7.47% with a total return of 9.82% with upside potential to reach a 8.50% Cap rate and a 12.96% total return.
- Unit mix: two 2Bed/1Bath units and two 3Bed/1Bath units.
- East Orange annual increases are 4% for existing tenants and 5% after a unit is vacated and a new tenant takes occupancy.
Résumé de l'annonce
Marcus & Millichap is pleased to exclusively represent the owner in the sale of the property located at 70 City Hall Plaza (Block:373 Lot:3) in East Orange, Essex County,
New Jersey. The property is a three story, brick, walk-up building constructed in 1919 and fully gut renovated in 2021 on a 97'x90' (0.20 acre) lot. It contains a 1,000 sqft.
ground floor catering hall under four apartments. The apartments are two 2-bedroom/1-bathroom units and two 3-bedroom/1-bathroom units. Five surface level parking
spaces are available for tenants at the rear of the property. The unit mix is well suited for East Orange's market demand for larger units as evidenced by the owner's 100%
occupancy rate, since the building has been gut renovated. Every unit has an individual hot water heater in the basement and a boiler in the unit. All units are separately
metered with the tenants covering their own heat, cooking gas and electric usage. The landlord pays for hot and cold water and sewer for the apartments and common
area electric.
The property is located midblock on the northwest side of City Hall Plaza between North Arlington and North Walnut Streets. 70 City Hall Plaza is located immediately
opposite the East Orange, NJ Transit train station, less than 1 block from the East Orange Municipal buildings and it leads directly in to Main Street, a major retail
corridor in the City of East Orange. The location is a commuter's dream with easy access to I-280, less than 5 blocks away, providing access to the Garden State Parkway,
I-78 and all points in New Jersey.
70 City Hall Plaza represents a solid investment based on the strength of the current rent roll and its 100% occupancy as turnkey investment. The apartment rents
increase a healthy 4% annually for existing tenants and 5% for new tenants. The retail lease runs through the end of 2028. The current Net Operating Income of $91,104
can be increased to $103,645 driving the cap rate from 7.47% to 8.50%. Similarly the Cash on Cash return increases from 6.63% to 9.57% with minimal upfront costs.
New Jersey. The property is a three story, brick, walk-up building constructed in 1919 and fully gut renovated in 2021 on a 97'x90' (0.20 acre) lot. It contains a 1,000 sqft.
ground floor catering hall under four apartments. The apartments are two 2-bedroom/1-bathroom units and two 3-bedroom/1-bathroom units. Five surface level parking
spaces are available for tenants at the rear of the property. The unit mix is well suited for East Orange's market demand for larger units as evidenced by the owner's 100%
occupancy rate, since the building has been gut renovated. Every unit has an individual hot water heater in the basement and a boiler in the unit. All units are separately
metered with the tenants covering their own heat, cooking gas and electric usage. The landlord pays for hot and cold water and sewer for the apartments and common
area electric.
The property is located midblock on the northwest side of City Hall Plaza between North Arlington and North Walnut Streets. 70 City Hall Plaza is located immediately
opposite the East Orange, NJ Transit train station, less than 1 block from the East Orange Municipal buildings and it leads directly in to Main Street, a major retail
corridor in the City of East Orange. The location is a commuter's dream with easy access to I-280, less than 5 blocks away, providing access to the Garden State Parkway,
I-78 and all points in New Jersey.
70 City Hall Plaza represents a solid investment based on the strength of the current rent roll and its 100% occupancy as turnkey investment. The apartment rents
increase a healthy 4% annually for existing tenants and 5% for new tenants. The retail lease runs through the end of 2028. The current Net Operating Income of $91,104
can be increased to $103,645 driving the cap rate from 7.47% to 8.50%. Similarly the Cash on Cash return increases from 6.63% to 9.57% with minimal upfront costs.
Faits sur la propriété
Type de vente
Investissement
Type de propriété
Commerce de détail
Sous-type de propriété
Commerce pied immeuble
Taille du bâtiment
7 000 pi²
Classe d’immeuble
C
Année de construction
1919
Prix
1 667 667 $ CAD
Prix par pi²
238,24 $ CAD
Taux de capitalisation
7,47%
Revenu net d’exploitation
124 575 $ CAD
Pourcentage loué
100%
Location
Multiples
Hauteur du bâtiment
3 étages
Coefficient d’occupation des sols de l’immeuble
1,24
Taille du lot
0,13 AC
Zone de développement économique
Oui
Stationnement
5 places (0,71 places par 1 000 pi² loué)
Façade
30’ sur City Hall Plz
Commodités
- Détecteur de fumée
Impôts fonciers
| Numéros de lot | Évaluation des bâtiments | 872 348 $ CAD | |
| Évaluation du terrain | 378 498 $ CAD | Évaluation totale | 1 250 846 $ CAD |
Impôts fonciers
Numéros de lot
Évaluation du terrain
378 498 $ CAD
Évaluation des bâtiments
872 348 $ CAD
Évaluation totale
1 250 846 $ CAD
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