122 Milligan PlSouth Orange, NJ 07079

Property Details for 122 Milligan Pl

Property size (Sq ft)

3,518 SF

Property type

Residential income homes

Property subtype

Dormitories

Description

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.

Location Insight

City

South Orange

County

Essex

State

New Jersey

Latitude

40.7437

Longitude

-74.2572

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