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The Lincoln Peak 641 Lincoln Ave 42 Unit Apartment Building $5,985,000 ($142,500/Unit) 5.79% Cap Rate Orange, NJ 07050
INVESTMENT HIGHLIGHTS
- 641 Lincoln is a 42-unit, gut renovated, value-add investment property in Orange, New Jersey
- 641 Lincoln has been managed, renovated, and cared for by high quality ownership for ~10 years
- 60% of housing units in the TMA are renter occupied with 22% of the population being in the key renter age group (18-35)
- Property consists of 1 studio, 39 one-bedroom, 1 two-bedroom, and 1 three-bedroom apartments
- The property offers substantial upside with 21% below market rents providing a $305 average per unit delta to market
- Ideal location in the heart of Essex County just off Scotland Road and only a 10-minute walk from South Orange’s NJ Transit Station – Mountain Station
EXECUTIVE SUMMARY
641 Lincoln is a 42-unit, gut renovated, value-add investment property in Orange, New Jersey
PROPERTY FACTS Under Contract
| Price | $5,985,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $142,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 5.79% | Building Size | 26,585 SF |
| No. Units | 42 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 5 |
| Property Subtype | Apartment | Year Built/Renovated | 1929/2017 |
| Zoning | N/Av - Residential | ||
| Price | $5,985,000 |
| Price Per Unit | $142,500 |
| Sale Type | Investment |
| Cap Rate | 5.79% |
| No. Units | 42 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 26,585 SF |
| Average Occupancy | 100% |
| No. Stories | 5 |
| Year Built/Renovated | 1929/2017 |
| Zoning | N/Av - Residential |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Tenant Controlled HVAC
- Smoke Free
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 39 | - | - |
| Studios | 1 | - | - |
| 2+1 | 1 | - | - |
| 3+1 | 1 | - | - |
1 1
Walk Score®
Very Walkable (77)
PROPERTY TAXES
| Parcel Number | 17-06301-0000-00012 | Improvements Assessment | $2,665,000 |
| Land Assessment | $2,050,000 | Total Assessment | $4,715,000 |
PROPERTY TAXES
Parcel Number
17-06301-0000-00012
Land Assessment
$2,050,000
Improvements Assessment
$2,665,000
Total Assessment
$4,715,000
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The Lincoln Peak | 641 Lincoln Ave
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