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Walnut Garden Apartments 129 N Walnut St 49 Unit Apartment Building $5,620,000 ($114,694/Unit) East Orange, NJ 07017
Investment Highlights
- 41-Unit Stabilized Multifamily Asset - Four-story pre-war brick building with durable construction, efficient layouts, and strong in-place occupancy p
- Clear Value-Add Upside Through Rent Repositioning - In-place rents average approximately $1,262/unit with 15–25% upside through turnover, renovation,
- Transit-Oriented Location - Less than 0.5 miles to both East Orange and Brick Church NJ Transit stations with direct access to Newark and NYC.
- Consistently High Occupancy - The property maintains strong occupancy levels with predictable annual turnover, supporting ongoing rent growth through
- Separately Metered Utilities - Tenants pay for individual electric and gas, limiting ownership exposure; landlord covers water, sewer, and common area
- Supply-Constrained, Improving Submarket - Surrounded by significant redevelopment including The Crossing at Brick Church, Aura 240, and The Modern, re
Executive Summary
Marcus & Millichap is pleased to present Walnut Garden, a 41-unit, four-story brick apartment building located at 129 N Walnut Street in East Orange, New Jersey. The property offers investors a stabilized, cash-flowing multifamily asset with meaningful upside through operational efficiencies and rent repositioning.
Walnut Garden maintains consistently high occupancy with predictable annual turnover, providing stable in-place income while allowing for periodic rent resets upon re-leasing. The property benefits from separately metered utilities and durable pre-war construction. Located less than half a mile from both the East Orange and Brick Church NJ Transit stations, the asset provides direct access to Newark and Manhattan and sits within a rapidly improving, transit-oriented corridor. With nearby large-scale redevelopment and below-market in-place rents, Walnut Garden represents an opportunity to acquire scale, stability, and long-term growth in a supply-constrained Northern New Jersey submarket.
Walnut Garden maintains consistently high occupancy with predictable annual turnover, providing stable in-place income while allowing for periodic rent resets upon re-leasing. The property benefits from separately metered utilities and durable pre-war construction. Located less than half a mile from both the East Orange and Brick Church NJ Transit stations, the asset provides direct access to Newark and Manhattan and sits within a rapidly improving, transit-oriented corridor. With nearby large-scale redevelopment and below-market in-place rents, Walnut Garden represents an opportunity to acquire scale, stability, and long-term growth in a supply-constrained Northern New Jersey submarket.
Property Facts
| Price | $5,620,000 | Building Class | C |
| Price Per Unit | $114,694 | Lot Size | 0.35 AC |
| Sale Type | Investment | Building Size | 41,848 SF |
| No. Units | 49 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built | 1930 |
| Apartment Style | Mid-Rise | Opportunity Zone |
Yes
|
| Zoning | R-4, E Orange City | ||
| Price | $5,620,000 |
| Price Per Unit | $114,694 |
| Sale Type | Investment |
| No. Units | 49 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.35 AC |
| Building Size | 41,848 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 1930 |
| Opportunity Zone |
Yes |
| Zoning | R-4, E Orange City |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Eat-in Kitchen
- Kitchen
- High Speed Internet Access
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Elevator
- Public Transportation
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 37 | - | 825 |
| 2+1 | 11 | - | 925 |
1 1
Walk Score®
Very Walkable (84)
Property Taxes
| Parcel Number | 05-00363-0000-00008 | Improvements Assessment | $2,782,000 |
| Land Assessment | $1,170,000 | Total Assessment | $3,952,000 |
Property Taxes
Parcel Number
05-00363-0000-00008
Land Assessment
$1,170,000
Improvements Assessment
$2,782,000
Total Assessment
$3,952,000
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Walnut Garden Apartments | 129 N Walnut St
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