NJ > City Of Orange Twp.
City Of Orange Twp., NJ 07050,162 Spring St
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City Of Orange Twp., NJ 07050,162 Spring St
City Of Orange Twp., NJ 07050,162 Spring St
City Of Orange Twp., NJ 07050,162 Spring St
City Of Orange Twp., NJ 07050,162 Spring St
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Vanessa Gonzalez

Vanessa Gonzalez

+1(201) 706-3392
$ 1,350,000
Est. payment /mo
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Under Contract

162 Spring St City Of Orange Twp., NJ 07050

5,308 SqFt

UPDATED:

11/07/2024 09:49 AM

Key Details

Property Type Multi-Family

Listing Status Under Contract

Purchase Type For Sale

Square Footage 5,308 sqft

Price per Sqft $254

MLS Listing ID 3904363

Year Built 1965

Annual Tax Amount $27,766

Tax Year 2024

Lot Size 6,534 Sqft

Property Description

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.

Location

State NJ

County Essex

Zoning A-2

Rooms

Basement Storage, Walkout

Interior

Heating Gas-Natural

Cooling Wall A/C Unit(s)

Equipment Appliances

Heat Source Gas-Natural

Exterior

Exterior Feature Brick/Block

Utilities Available Gas-Natural

Roof Type Asphalt Shingle

Parking Type Blacktop, Off-Street Parking, Parking Lot-Exclusive

Building

Story 2

Sewer Public Sewer

Water Public Water

Others

Ownership Fee Simple

Garden State MLS(GSMLS)
Information deemed reliable but not guaranteed. Copyright © 2024 Garden State Multiple Listing Service, L.L.C. All rights reserved.
Listed by KELLER WILLIAMS REALTY

162 Spring St

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