USANJNewarkUpper Vailsburg992 S Orange Ave
992 S Orange Ave, Home with 0 bedrooms, 3 bathrooms and null parking in Newark NJ | Image 1
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$699,000

992 S Orange Ave, Newark, NJ

Real Estate

For Sale

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  • Key Facts
  • Description
  • Map

Key Facts

Type Business
Levels Commercial Sale
Size -
Garage No
HOA Fees 
Taxes $8,214
Days Active 95
Approx. Age 1927
MLS® Number 3971481

Property Address: 

Average square foot calculated using Size range provided by listing agent.

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.Show Description
MLS® Number3971481
Locker
Ensuite LaundryNo
Balcony
Furnished
Laundry Level
Exposure
Exterior
GarageNo
Approx. Age1927
Stories
Pets
Corp Number

Included in Maintenance Fee

Heat
Hydro
Water
Building Insurance
Condo Taxes
Cable TV
Central Air
Parking Maintenance

Utilities

HeatHeat Source: Gas-Natural, Heating Type: 2 Units, Baseboard - Hotwater, Space Heater
A/CNo Cool
Heating Fuel

Extras

Building & Land

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