The Kislak Company, Inc. recently announced the sale of a multi-family property for $3,075,000 in South Orange, Essex County, New Jersey.
The property, located at 43 Cottage Street, is an 11-unit apartment building with three one-bedroom apartments and eight two-bedroom apartments. The property includes on-site surface and covered parking. It is situated four blocks east of the train station and four blocks west of Seton Hall University.
The undisclosed purchaser was represented by Kislak’s Senior Vice Presidents Don Baxter and Scott Davidovic and Vice President Michael Kossak.
The price per unit was almost $280,000, which according to Mr. Davidovic is a record per-unit price for a smaller apartment building in South Orange. Additionally, Mr. Kossak noted that the property is ideally located within walking distance of downtown South Orange.
“More New York City investors are turning to New Jersey given the favorable upside in rents,” said Mr. Baxter. “Here, the purchaser took advantage of the competition who were awaiting a COVID-19-related wave of price reductions that never occurred. In fact, the opposite occurred as the market has continued to strengthen.”
The Kislak Company, Inc. is a commercial real estate brokerage firm headquartered in Woodbridge, New Jersey.