6
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$699,000
Est. payment /mo
9,999 SqFt
New
992 S Orange Ave Newark City, NJ 07106
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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
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Listed by COLDWELL BANKER REALTY