57 & 73 South Walnut Street, East Orange, New Jersey 07018

New Jersey, East Orange, New Jersey 07018

$3,200,000  

Listing ID Number

19518

Property Description

The subject property consists of 40 units in two buildings (20 each) multifamily buildings on one tax lot. The current owners have renovated the property and re-tenanted most of the property to fair market rents. Five tenants currently receive Section 8 rental assistance all others are free of assistance. This is a well managed property will low expenses and little maintenance which generates excellent cash flow.

Overview

Building Type:Apartment Buildings
Location:Located on the corner of South Walnut Street and Lennoz Avenue
Block/Lot:381/3
Lot Dimensions:252' x 244' irr
Lot Sq Ft:34,655 sqft
Stories:4 + basement
Units:40
Zoning:R-2
Year Built:1910
Gut Renovated in 1994
Assessment Value:$1,892,300
Taxes:$52,267
Building Sq Ft:32,200
Estimate

Expenses

Total Annual Expenses:$142,401

Investment Information

Gross Monthly Income:$37,471
Gross Annual Income:$449,652
Less Total Expenses:$142,401
Net Operating Income:$307,251

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Geoffrey Bailey
First Vice President of Sales
(201) 426-2200 x 2211
gbailey@masseyknakal.com


Property Images

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Property Map


Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.