992 S Orange Ave new Save Request In-Person Tour Request Virtual Tour
Newark City,NJ 07106
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 9,999 sqft
Price per Sqft $69
Subdivision Upper Vailsburg
MLS Listing ID 3971481
Year Built 1927
Annual Tax Amount $8,214
Tax Year 2024
Lot Size 3,049 Sqft
Property Sub-Type Mixed Use
Property Description
3-story mixed-use offering 3 units comprised of two 3-BD apartments anchored by one neighborhood retail storefront. Located on upper levels, each elongated-shaped apartment with wood flooring & 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 responsibilities.
Location
State NJ
County Essex
Zoning C-2
Rooms
Basement Full, Unfinished
Interior
Heating Gas-Natural
Cooling No Cool
Flooring Tile, Vinyl-Linoleum, Wood
Equipment Smoke Detector
Heat Source Gas-Natural
Exterior
Exterior Feature Vinyl Siding
Utilities Available Gas In Street, Gas-Natural
Roof Type Flat
Building
Lot Description Level Lot
Story 3
Sewer Public Sewer
Water Public Water
Others
Ownership Fee Simple