209 William St East Orange, NJ 07017-4348

Property Details for 209 William St

Year built

1966

Construction

WOOD

Lot size

0.43 lot acres

Property size

22,416 SF

Property type

Residential income homes

Property subtype

Small apartment buildings

APN

05 00174-0000-00014

APU

500174000000014

Description

This exceptional 26-unit apartment building, located at 209 William St, East Orange, NJ 07017, presents a compelling investment opportunity. The property boasts a strong current NOI of $309,993, yielding a 6.20% cap rate, with a pro-forma NOI of $402,207 and a pro-forma cap rate of 8.04%. Built in 1950 and fully renovated in 2014, this three-story, all-brick building sits on a 0.43-acre lot and comprises a desirable mix of studio, one, and two-bedroom apartments. Each unit features spacious kitchens and cozy living areas, with a combination of vinyl flooring and tiled bathrooms and kitchens. The asking price is $5,000,000, translating to $192,307.69 per unit. The property benefits from its convenient location, less than a mile from East Orange Station, providing easy access to NYC via train (approximately 30 minutes). Nearby amenities include several major roadways (Garden State Parkway and I-78), recreational parks (Branch Brook Park and Monte Irvin Park), and a variety of commercial establishments, including retail, restaurants, and bars. Significant upside potential exists, with over $300 in potential rent increases per unit. This well-maintained property offers a solid foundation for immediate income and future growth. The building's strong performance and prime location make it an attractive investment for discerning buyers.

Location Insight

City

East Orange

County

Essex

State

New Jersey

Longitude

-74.2038

Latitude

40.7618

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments