March 13, 2024 – Michael Agrifolio and Michael Lombardi of Horvath & Tremblay have successfully completed the sale of an eight (8) unit multi-family building in West Orange, New Jersey. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $1,900,000.
The multi-family investment property, located at 100 Chestnut Street in West Orange, New Jersey, is improved by a two-story building containing eight (8) total units comprised of four (4), 2-Bedroom/1-Bathroom townhouse units, and four (4) 2-Bedroom/1-Bathroom units with 7,500 total square feet of living area in 8,000 square feet of gross area on a 0.31-acre corner parcel. The Property also includes on-site parking at the rear of the Property. The current rents are below market offering significant upside by achieving market rates upon lease renewal or re-tenanting. The Property is well located at the intersection of Chestnut Street and Oxford Place in a densely populated residential neighborhood in the heart of West Orange. The Property is positioned along a quiet tree-lined street and is within walking distance of the center of town, and area retailers including Dunkin’, Walgreens, CVS, and Family Dollar. The Property offers convenient access to the Essex Green Shopping Center, home to ShopRite, AMC, Macy’s, LA Fitness, Panera and TGI Fridays, and a Whole Foods anchored shopping center. 100 Chestnut Street is also close to area schools and municipal parks and is approximately 5-miles from Downtown Newark. 100 Chestnut Street is less than 2-miles from the Orange, Bay Street, Glen Ridge, and Bloomfield Train Stations with service to Manhattan’s Penn Station. The Property offers convenient access to Interstate 280 (1.4-miles) and the Garden State Parkway (2.4-miles). The Property is also within walking distance (0.2-miles) of several municipal bus stops along Harrison Avenue and Main Street. Located in Essex County, West Orange is an affluent suburb of Manhattan and is positioned 16 miles west of the city.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties, and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.