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120 Halsted St 120 Halsted St 42 Unit Apartment Building For Sale East Orange, NJ 07018
Executive Summary
CBRE, Inc. has been retained as the exclusive advisor for the fee simple sale of 120 Halsted Street (“120 Halsted” or “Property”) located at 120 Halsted Street in East Orange, New Jersey.
120 Halsted is a 42-unit mid-rise apartment building positioned in excellent physical condition following a complete gut renovation in 2016. The Property offers a compelling investment opportunity in a stabilized asset operating at a 95.2% occupancy. Converted from an office building, 120 Halsted features modern unit interiors complete with quartz countertops, dark hardwood floors, and stainless steel appliance packages. All units feature in-unit washer and dryer combinations and are primed for light value-add enhancement, allowing an investor to capitalize on a significant 10% mark-to-market opportunity by bringing in-place rents up to the market average, ensuring a highly stable and well-maintained foundation for immediate cash flow.
120 Halsted is strategically positioned in close proximity to the Brick Church New Jersey Transit station and the Main Street corridor. Located exactly 0.3 miles—a 5-minute walk—from the property, the Brick Church Station provides commuters with a 24-minute direct train ride to Midtown Manhattan and a 6-minute ride to Newark, underscoring the area’s exceptional transit connectivity. Just steps away, the neighborhood offers a vibrant and walkable environment with a Walk Score of 90, anchored by a brand-new 68,000-square-foot ShopRite supermarket and the $500 million Crossings at Brick Church Station mixed-use development, making the area highly desirable for both families and young professionals. This transit-oriented location enhances the Property’s appeal and supports long-term rental demand.
120 Halsted is a 42-unit mid-rise apartment building positioned in excellent physical condition following a complete gut renovation in 2016. The Property offers a compelling investment opportunity in a stabilized asset operating at a 95.2% occupancy. Converted from an office building, 120 Halsted features modern unit interiors complete with quartz countertops, dark hardwood floors, and stainless steel appliance packages. All units feature in-unit washer and dryer combinations and are primed for light value-add enhancement, allowing an investor to capitalize on a significant 10% mark-to-market opportunity by bringing in-place rents up to the market average, ensuring a highly stable and well-maintained foundation for immediate cash flow.
120 Halsted is strategically positioned in close proximity to the Brick Church New Jersey Transit station and the Main Street corridor. Located exactly 0.3 miles—a 5-minute walk—from the property, the Brick Church Station provides commuters with a 24-minute direct train ride to Midtown Manhattan and a 6-minute ride to Newark, underscoring the area’s exceptional transit connectivity. Just steps away, the neighborhood offers a vibrant and walkable environment with a Walk Score of 90, anchored by a brand-new 68,000-square-foot ShopRite supermarket and the $500 million Crossings at Brick Church Station mixed-use development, making the area highly desirable for both families and young professionals. This transit-oriented location enhances the Property’s appeal and supports long-term rental demand.
Property Facts
| Sale Type | Investment | Lot Size | 1.43 AC |
| No. Units | 42 | Building Size | 35,529 SF |
| Property Type | Multifamily | No. Stories | 5 |
| Property Subtype | Apartment | Year Built/Renovated | 1960/2016 |
| Apartment Style | Mid-Rise | Parking Ratio | 1.27/1,000 SF |
| Building Class | B | Opportunity Zone |
Yes
|
| Zoning | 0 - Office | ||
| Sale Type | Investment |
| No. Units | 42 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 1.43 AC |
| Building Size | 35,529 SF |
| No. Stories | 5 |
| Year Built/Renovated | 1960/2016 |
| Parking Ratio | 1.27/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | 0 - Office |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Heating
- Security System
- Tile Floors
- Kitchen
- Granite Countertops
- Hardwood Floors
- High Speed Internet Access
- Refrigerator
- Oven
- Stainless Steel Appliances
- Tub/Shower
- Carpet
- Intercom
Site Amenities
- Controlled Access
- Fitness Center
- Gated
- Gas Range
- Elevator
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 36 | - | 750 - 850 |
| 2+2 | 6 | - | 950 - 1,140 |
Exceptionally walkable
90/100
Moderately drivable
70/100
Exceptional public transit
90/100
Fairly bikeable
40/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $7,916,600 | |
| Land Assessment | $1,768,000 | Total Assessment | $9,684,600 |
Property Taxes
Parcel Numbers
Land Assessment
$1,768,000
Improvements Assessment
$7,916,600
Total Assessment
$9,684,600
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