209 William St, East Orange, NJ 07017-4348
- Residential income homes
- 22,416 SF
- 0.43 lot acres
Current Use by Public Records
- Residential income homes
Property Details for 209 William St
- Year built
- 1966
- Construction
- WOOD
- Lot size
- 0.43 lot acres
- Property type
- Residential income homes
- Property subtype
- Small apartment buildings
- APN
- 05 00174-0000-00014
- APU
- 500174000000014
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Mar 10, 2020 | $4,040,000 | Shiva R & E Invtrs & Mgmt LLC | 209 William Holding Co Eo LLC | Grant Deed | $3.1M · Wilmington Tr N 2019-sb67 (ce) |
| Jan 22, 2018 | — | 17 Webster Holding Co Eo LLC | — | Grant Deed · related | $42M · Morgan Stanley Pvt Bk NA |
| Sep 26, 2017 | $3,363,981 | 209 William Holding Co Eo LLC | 15 Summit Street LLC | Grant Deed | — |
| Apr 20, 2012 | $2,300,000 | 15 Summit Street LLC | Dematos,alfredo C & Elizabeth | Grant Deed | $2.3M · First Bank |
| Dec 26, 2007 | — | Alfredo Dematos | Dematos,alfredo | Quit Claim Deed · related | — |
| Jul 21, 2006 | $1,225,000 | Alfredo Dematos | Eighteenth St Associates LLC | Grant Deed | $919k · Popular Financial Services LLC |
| — | — | Alfredo Dematos | — | Deed Of Trust · related | $1.2M · Sovereign Bank |
| — | — | Eighteenth Street Assocs LLC | — | Deed Of Trust · related | $683k · Commerce Bank North |
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.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $8,110,000
- ML approach
- $8,235,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $6,255,000
- 6.5%
- $5,770,000
- 7%
- $5,360,000
-
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $6,130,000 Current use
- INDUSTRIAL (GENERAL)
- $5,065,000 Change: -17% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- 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
