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70 Pine St
Montclair, NJ 07042
Multifamily For Sale · Multifamily Property For Sale
Property Facts
| Price | Not Individually For Sale | Building Class | B |
| Property Type | Multifamily | Lot Size | 0.13 AC |
| Property Subtype | Apartment | Parking Ratio | 1.09/1,000 SF |
| Price | Not Individually For Sale |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | B |
| Lot Size | 0.13 AC |
| Parking Ratio | 1.09/1,000 SF |
Executive Summary
Don't miss this exceptional investment opportunity in the heart of Montclair.
70 and 108 Pine Street is a fully turnkey, 12-unit portfolio across two charming pre-war six-unit buildings just one block from the Bay Street Train Station. Ideally located in the South End, one of Montclair's most desirable neighborhoods, this income-generating asset offers immediate value with significant upside potential.
Currently operating with a 23.08% rental upside, the buildings consist of three spacious two-bedroom units and nine large one-bedroom units, each with a designated parking space in a private on-site lot. Nine out of 12 units are fully renovated, and in-unit washer/dryers have been installed in 50% of the apartments, adding to tenant convenience and rental value.
All utilities are separately metered, and tenants are responsible for gas, electricity, water, and sewer, minimizing operating expenses. Ownership has proactively replaced 100% of the water heaters and boilers, ensuring operational efficiency and reduced capital expenditures for the new owner. Rents have been kept below market, allowing the next investor to capture upside through natural turnover. Additionally, the basement at 70 Pine Street offers dedicated storage space for each unit, a rare amenity in multifamily properties.
70 and 108 Pine Street are only a block from the Bay Street Station, which has direct service to Midtown, and is adjacent to the newly revitalized Glenfield Park. An affluent population of over 96,200 residents lives within a 2-mile radius, with an average household income exceeding $134,600 annually. This portfolio is perfectly positioned to benefit from strong tenant demand and continued neighborhood growth.
70 and 108 Pine Street is a fully turnkey, 12-unit portfolio across two charming pre-war six-unit buildings just one block from the Bay Street Train Station. Ideally located in the South End, one of Montclair's most desirable neighborhoods, this income-generating asset offers immediate value with significant upside potential.
Currently operating with a 23.08% rental upside, the buildings consist of three spacious two-bedroom units and nine large one-bedroom units, each with a designated parking space in a private on-site lot. Nine out of 12 units are fully renovated, and in-unit washer/dryers have been installed in 50% of the apartments, adding to tenant convenience and rental value.
All utilities are separately metered, and tenants are responsible for gas, electricity, water, and sewer, minimizing operating expenses. Ownership has proactively replaced 100% of the water heaters and boilers, ensuring operational efficiency and reduced capital expenditures for the new owner. Rents have been kept below market, allowing the next investor to capture upside through natural turnover. Additionally, the basement at 70 Pine Street offers dedicated storage space for each unit, a rare amenity in multifamily properties.
70 and 108 Pine Street are only a block from the Bay Street Station, which has direct service to Midtown, and is adjacent to the newly revitalized Glenfield Park. An affluent population of over 96,200 residents lives within a 2-mile radius, with an average household income exceeding $134,600 annually. This portfolio is perfectly positioned to benefit from strong tenant demand and continued neighborhood growth.
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