992 S Orange Ave Newark, NJ 07106

This three-story mixed-use building features three units, including two three-bedroom apartments and a neighborhood retail storefront. The upper-level apartments have an elongated shape, wood flooring, and storm windows. Each apartment includes a dedicated living room, eat-in kitchen, a centralized full bath, and front and middle bedrooms. The commercial space, currently operating as a restaurant, has a 9 ft ceiling height and an in-place ventilation system suitable for a hot kitchen. It also has sole access to a stand-up unfinished basement and a fenced-in courtyard with gated exterior side egress, ideal for loading. The property's utility infrastructure includes separately metered electric and gas-fueled heat and hot water for all units. The commercial tenant is responsible for the cold water and public sewer expenses for the entire building. Located in Upper Vailsburg, the property offers convenient access to NJ Transit public bus transportation, local shopping, and is within walking distance of Seton Hall University in South Orange. This investment opportunity is suitable for an owner/user through vacant apartment occupancy or small Core Plus investors open to minor property enhancements and minimal management responsibilities. New ownership is positioned to benefit from return-on-investment upside through 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.