120 Milligan PlSouth Orange, NJ 07079

Property Details for 120 Milligan Pl

Property size (Sq ft)

4,226 SF

Property type

Hospitality properties

Property subtype

Multifamily properties

Description

This exceptional 11-unit multifamily property, ideally situated in South Orange, New Jersey, presents a compelling investment opportunity. Boasting 4,226 square feet, the three-story Class B building offers a mix of unit types, including a four-bedroom unit on the ground floor, nine rooming units on the second and third floors, and an additional studio unit. The property benefits from a strong rental income stream, generating approximately $165,000 in gross annual revenue, with a current monthly rent roll near $14,000, offering potential for future rent increases. Conveniently located near Seton Hall University, this property enjoys high occupancy rates and strong tenant demand. Additional amenities include ample on-site parking and a coin-operated laundry facility, enhancing tenant convenience and boosting revenue streams. Renovated in 2020, the building is well-maintained and ready for immediate income generation. The property sits on a large lot, providing additional development potential. This is a rare opportunity to acquire a well-performing multifamily asset with a 7.90% cap rate and a price per unit of $140,909.09. The asking price is $1,550,000. The property is also available for purchase as part of a larger package with an adjacent property.

Location Insight

City

South Orange

County

Essex

State

New Jersey

Latitude

40.7438

Longitude

-74.2573

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