210 North 15th St. in East Orange — Courtesy: CBRE
By Joshua Burd
An investor has acquired a fully occupied, 12-unit apartment building in East Orange for nearly $1 million, brokers with CBRE announced this week.
The real estate services firm said it represented Rosmar Reig LLC in the sale of 210 North 15th St., a three-story building off Park Avenue. Opal Realty purchased the property for $975,000.
CBRE’s Nat Gambuzza and John Veniero marketed the building and procured the buyer, noting that rents are roughly 10 percent below market value.
“The acquisition of this property presents the new ownership with an excellent opportunity to own a quality, stabilized asset in quickly appreciating area of Essex County,” Gambuzza said. “The units are well maintained and feature updated kitchens, bathrooms and central air.
“Given below market rents, Opal Realty will be able to increase revenue over a short period of time.”
Veniero added: “East Orange has been a hotbed of investment activity because of its centralized location and easy access to New York City.”
“Landlords have been able to capture a stronger tenant base and increase rents,” he said. “Many renters view East Orange as a more affordable option to the skyrocketing rents of Hudson County and the outer boroughs of New York.”