NJ > Newark
Newark, NJ 07106,992 S Orange AVE
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Newark, NJ 07106,992 S Orange AVE
Newark, NJ 07106,992 S Orange AVE
Newark, NJ 07106,992 S Orange AVE
Newark, NJ 07106,992 S Orange AVE
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Patric Santo Pietro

Patric Santo Pietro

+1(732) 570-5442
Listed by Paul Washington Coldwell Banker, Upper Montclair
$ 699,000
Est. payment /mo
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Under Contract

992 S Orange AVE Newark, NJ 07106

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Res/Com Mixed

Listing Status Under Contract

Purchase Type For Sale

MLS Listing ID 25022118

Style Res/Com Mixed

Property Sub-Type Res/Com Mixed

Property Description

Three-story mixed-use offering 3 units comprised of two 3-Bed apartments anchored by one neighborhood retail storefront. Located on upper levels, each elongated-shaped apartment with wood flooring and storm windows features dedicated living room space, eat-in kitchen, one centralized full bath and front/middle bedrooms respectively. The commercial leasehold w/ 9 ft ceiling height currently operating under restaurant use contains an in-place ventilation system affording hot kitchen use and sole access to stand-up unfinished basement as well as fenced-in courtyard w/ gated exterior side egress ideal for loading purposes. Utility infrastructure offers separately metered electric & heat/hot water fueled by gas for all units while the commercial tenant assumes full responsibility of cold water/public sewer expense for the entire building. Convenient Upper Vailsburg geography offers immediate access to NJ Transit public bus transportation/local shopping and high walkability to South Orange-based Seton Hall University. New ownership positioned to benefit from return-on-investment upside thru vacant apartment lease-up at market rate plus 3.0% annual rent escalations from commercial tenant and rent improvement in one unit currently -28% below the immediate area’s median market rent of $2,350 for 3-Bed unit type. Investment opportunity ideal for owner/user thru vacant apartment occupancy or small Core Plus investors open to minor property enhancements and minimal management responsib

Location

State NJ

County Essex

New Jersey MLS (NJMLS)
Patric Santo Pietro

Patric Santo Pietro

Agent | License ID: 1007170

+1(732) 570-5442

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992 S Orange AVE

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