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    57 Day St City of Orange, NJ 07050

    For Sale
    $4,250,000

    97-Unit Apartment Project, Approved

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    363
    Exceptional development opportunity in Orange, NJ, presents a fully approved plan for a 97-unit apartment building. This 32,695 sq ft lot, zoned under the North Main Street Redevelopment Plan, offers a 6-story building design encompassing 17 studio, 24 one-bedroom, 35 two-bedroom, and 21 three-bedroom units. The project includes 106 parking spaces, conveniently divided between a 65-space covered garage on the ground floor and a 41-space covered garage on the second floor. Building amenities are extensive, featuring a reception area, common lounge, lobbies, elevator, and stair access. The second floor also boasts a screening room and additional amenity spaces. The total gross building square footage is 152,788, reflecting a well-designed, efficient structure. The property is being offered vacant, with a PILOT (Payment In Lieu Of Taxes) agreement already in place, eliminating the need for affordable housing units. This presents a unique opportunity for immediate development and strong return on investment, given its prime location—a 5-minute walk from Orange Station. The project's comprehensive design, ample parking, and desirable amenities position it for immediate success in a thriving market.

    Property Features for 57 Day St

    General Information

    Property type
    Land

    HighLights

    • Fully approved plans for a 97‑unit apartment building in Orange, NJ.
    • 32,695 sq ft lot zoned under the North Main Street Redevelopment Plan.
    • 6‑story building with 17 studios, 24 one‑bedrooms, 35 two‑bedrooms, and 21 three‑bedrooms; 106 parking spaces (65 covered, ground floor; 41 covered, second floor).
    • 152,788 sq ft building with amenities including a reception area, common lounge, lobbies, elevator, stair access, and a second‑floor screening room.
    • Vacant land delivery; PILOT agreement in place; no affordable housing units required.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Roseland Taxi Service Taxi Service Orange Taxi Cab Taxi Service Livingston Taxi Service Taxi Service Maplewood Taxi Service Taxi Service Glen Ridge Taxi ... Taxi Service

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    City of Orange
    County
    Essex
    State
    New Jersey
    Longitude
    -74.22863622713
    Latitude
    40.773709630671

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    FAQs

    What type of property is this?
    Land - 97-Unit Apartment Project, Approved
    Where is this land located?
    The property is located at 57 Day St City of Orange, NJ.
    What is the asking price?
    The asking price for this property is $4,250,000.
    What are key features of this property?
    This property features: Fully approved plans for a 97-unit apartment building in Orange, NJ.; 32,695 sq ft lot zoned under the North Main Street Redevelopment Plan.; 6-story building with 17 studios, 24 one-bedrooms, 35 two-bedrooms, and 21 three-bedrooms; 106 parking spaces (65 covered, ground floor; 41 covered, second floor).
    (973) 610-5145
    Request Owner's contact information
    57 Day St City of Orange, NJ 07050
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    57 Day St City of Orange, NJ 07050
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