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    120 Milligan Pl South Orange, NJ 07079
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    Property profile & analytics

    120 Milligan Pl, South Orange, NJ 07079

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    • Dormitories
    • 4,226 SF
    Off-Market
    Property ID
    US59-1132453
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Dormitories

    Property Details for 120 Milligan Pl

    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 Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    South Orange
    County
    Essex
    State
    New Jersey
    Longitude
    -74.257297407559
    Latitude
    40.743795783964

    Comparable in this City

    • $1,350,000

      South Orange Mixed-Use Corner Gem

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    • $850,000

      Renovated Two-Family Near Seton Hall

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    • $899,000

      Updated Duplex Near NYC Transit

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    • $699,999
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      Two-Family Home Near South Orange

      Two-family home near train, village, NYC access, shops, dining.
      159 Church St, South Orange, NJ 07079
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    • $849,000
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      South Orange Village Triplex

      Well-maintained triplex near NYC transportation, shopping, dining, and parks.
      19 Montrose St, South Orange, NJ 07079
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    Similar Nearby for Sale

    • $1,350,000

      South Orange Mixed-Use Corner Gem

      Mixed-use building with renovated apartments and office storefronts near NYC transit.
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    • $850,000

      Renovated Two-Family Near Seton Hall

      Two renovated units near Seton Hall and South Orange.
      155 Tichenor Ave, South Orange, NJ 07079
      View Details
    • $899,000

      Updated Duplex Near NYC Transit

      Well-maintained duplex near Seton Hall and NYC transit.
      330 Academy St, South Orange, NJ 07079
      View Details
    • $850,000
      0.09 Acres

      Renovated Two-Family Near Seton Hall

      Renovated two-family property near Seton Hall and NYC access.
      155 Tichenor Ave, South Orange, NJ 07079
      View Details

    Similar Nearby for Lease

    • $2,850 /Mo

      Renovated Three-Bedroom Apartment For Rent

      Recently renovated 3-bedroom apartment with dedicated parking and laundry.
      6 Lackawanna Pl, South Orange, NJ 07079
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    • $3,600 /Mo

      Victorian Duplex Near South Orange

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    • Contact for pricing

      Comfortable Unit Near NYC Train

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    • $1,000 /Mo
      16,988 SF

      Prime Downtown Office/Retail Space

      Ground-floor office/retail space in downtown South Orange.
      155 Kilburn Pl, South Orange, NJ 07079
      View Details
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    120 Milligan Pl
    South Orange, NJ 07079
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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