For Sale
$1,250,000

122 Milligan PlSouth Orange, NJ 07079

11-Bedroom Student Housing, High Yield

Overview

Added:
Dec 11, 2024
Days on market:
114
Exceptional investment opportunity in South Orange, NJ. This three-story, Class B multifamily property boasts 11 spacious bedrooms and 3 full bathrooms, totaling 3,518 square feet. Currently leased to Seton Hall University students, generating a substantial $9,500 monthly gross rental income ($114,000 annually). The property underwent renovations in 2022 and offers a compelling 7.90% cap rate. Located minutes from Seton Hall University, this property presents a strong cash flow potential. This single-family home is available for purchase individually or as part of a package deal with the adjacent property at 120 Milligan Pl. The asking price is $1,250,000, translating to $355.32 per square foot and $1,250,000 per unit. This is a rare opportunity to acquire a high-yield, student housing property in a desirable location. The property's strong rental income and proximity to Seton Hall University make it an attractive investment for both seasoned and new investors seeking a stable and profitable venture. The property is situated at 122 Milligan Pl, South Orange, NJ 07079, in Essex County.

Highlights

  • $1,250,000 asking price for a multifamily property.
  • Located in South Orange, NJ, at 122 Milligan Pl, 07079.
  • Class B, 3-story building with 3,518 square feet.
  • 11 bedrooms, 3 full bathrooms.
  • Renovated in 2022.
  • Currently leased to Seton Hall University students, generating $9,500/month in gross rental income ($114,000 annually).

Property Details for 122 Milligan Pl

Property type
Residential income homes, Dormitories
Square Feet
3,518 SF
Class
B
Year Renovated
2022
Stories
3
Units
1

Location Insight

City
South Orange
County
Essex
State
New Jersey
Latitude
40.743748111102
Longitude
-74.257198462574
122 Milligan Pl, South Orange, New Jersey

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122 Milligan Pl
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