Active
162 Spring St
City Of Orange Twp NJ, 07050
$1,350,000
$254.33 per sqft
Active
5,308 sqft
Commercial
Built in 1965
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.
3904363
MLSⓇ ID
May 29, 2024
Listed
October 1, 2024
Updated
Map
162 Spring St
City Of Orange Twp NJ, 07050
Interior Features
Total Stories
2
Fireplace
No
Cooling
No
Heating
Yes
Heating Description
Baseboard, Natural Gas
Exterior/Building Features
Lot Size
0.15 Acres
Roof
Asphalt
Sewer
Public Sewer
Other Property Details
Taxes
$27,766
Tax Frequency
Annually
Days on Market
77
Garage
Yes
Garage Spaces
8
Parking
Off Street
Parking Total
8
View
No
County
Essex
Water Source
Public
Pool
No
Zoning
A-2
Courtesy of KELLER WILLIAMS REALTY with JOSHUA LEVITT,
Listing Contact: 9082732991
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