A recently renovated mixed-use property in East Orange, Essex County, New Jersey has been sold for $2,600,000.
The three-story, brick building is located at 359 North Maple Avenue and contains 17 residential units, which are mostly one-bedroom apartments, and 3 retail spaces. The property has features such as security cameras, hardwood floors, and high ceilings, plus a garage containing four units. Recent renovations throughout the property include a new roof, new hot water heaters, new boiler, new windows, a new front door and sidewalk, along with additional outdoor lighting.
The property was marketed by Kislak on an exclusive basis with vice president Julie Gralla handling the assignment. The purchaser was procured by executive vice president Joni Sweetwood.
Ms. Gralla commented, “With an exclusive listing, I had the pleasure of representing the seller, a wonderful repeat client who is a true professional. Despite the retail component deterring some interested parties, with the help of Ms. Sweetwood, we were able to close at an aggressive price with the cap rate in the low 5% range.”