• Broker David Arteaga 8626215890

129 Maple Ave 7 Unit Apartment Building $2,749,999 ($392,857/Unit) 6.88% Cap Rate Montclair, NJ 07042

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INVESTMENT HIGHLIGHTS

  • Desirable Location
  • Turn-Key
  • Easy Commute

EXECUTIVE SUMMARY

Don't miss this rare investment opportunity in the heart of Montclair! Fully renovated in 2024, this turnkey 7-unit mixed-use property on Maple Ave features 6 residential apartments and 1 commercial unit, currently leased to a well-established hair salon. The residential mix includes five spacious 2-bedroom units and one studio, each with its own designated parking space in a brand new, exclusive blacktop lot. The building has been completely overhauled with all-new electrical and plumbing systems, brand-new tankless water heaters for every unit, a new roof, and a renovated common area. Four of the six apartments feature brand new HVAC systems. The basement includes dedicated storage for each unit and individual washers/dryers for tenant convenience. The building is stabilized with market rents in 6 of the 7 units, with the final unit offering strong upside and easy lease-up potential in this high-demand rental market. Ideally located just blocks from Bay Street Station (with Midtown Direct service) and the newly re-developed Glenfield Park, this is a prime, income-generating asset in one of Montclair's most sought-after neighborhoods!

ATTACHMENTS

129 Maple Ave, Montclair I&E Sheet

FINANCIAL SUMMARY (ACTUAL - 2024)

ANNUAL ANNUAL PER SF
Gross Rental Income $226,000 $41.21
Other Income - -
Vacancy Loss - -
Effective Gross Income $226,000 $41.21
Taxes $29,521 $5.38
Operating Expenses $8,000 $1.46
Total Expenses $37,521 $6.84
Net Operating Income $188,479 $34.37

PROPERTY FACTS

Price $2,749,999
Price Per Unit $392,857
Sale Type Investment
Cap Rate 6.88%
Gross Rent Multiplier 12.12
No. Units 7
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low-Rise
Building Class C
Lot Size 0.14 AC
Building Size 5,484 SF
Average Occupancy 86%
No. Stories 3
Year Built/Renovated 1914/2024
Parking Ratio 1.46/1,000 SF
Zoning R-3

AMENITIES

UNIT AMENITIES

  • Air Conditioning
  • Dishwasher
  • Storage Space
  • Washer/Dryer
  • Heating
  • Eat-in Kitchen
  • Kitchen
  • Refrigerator
  • Oven
  • Stainless Steel Appliances
  • Range
  • Basement
  • Linen Closet

SITE AMENITIES

  • 24 Hour Access
  • Controlled Access
  • Tenant Controlled HVAC
  • Walk-Up
  • Smoke Detector

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
Studios 2 $1,900 -
2+1 5 $2,950 -
Walk Score®
Very Walkable (74)

PROPERTY TAXES

Parcel Number 13-04106-0000-00001 Total Assessment $867,500
Land Assessment $187,500 Annual Taxes $29,521 ($5.38/SF)
Improvements Assessment $680,000 Tax Year 2024

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ADDITIONAL PHOTOS

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  • Listing ID: 35580634

  • Date on Market: 4/22/2025

  • Last Updated: 5/21/2025

  • Address: 129 Maple Ave, Montclair, NJ 07042

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