120 Milligan Pl South Orange, NJ 07079
- Dormitories
- 4,226 SF
Current Use by Public Records
- Dormitories
Property Details for 120 Milligan Pl
- Property size
- 4,226 SF
- Property type
- Dormitories
- Property subtype
- Student housing
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.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- South Orange
- County
- Essex
- State
- New Jersey
- Longitude
- -74.257297407559
- Latitude
- 40.743795783964
