359 North Maple Ave. in East Orange — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An East Orange property with 17 apartments and three retail spaces has changed hands for $2.6 million, according to a brokerage team with The Kislak Co. Inc.
In a news release, the firm said it represented a longtime client in its sale of 359 North Maple Ave. An undisclosed buyer purchased the three-story brick building, which is just east of the Garden State Parkway and about a mile north of Interstate 280.
Kislak Vice President Julie Gralla marketed the property on behalf of the seller, while Executive Vice President Joni Sweetwood procured the purchaser.
“With an exclusive listing, I had the pleasure of representing the seller, a wonderful repeat client who is a true professional,” Gralla said. “Despite the retail component deterring some interested parties, with the help of Ms. Sweetwood, we were able to close at an aggressive price with the cap rate in the low 5 percent range.”
The brokers noted that the property is made up of mostly one-bedroom apartments and features security cameras, hardwood floors and high ceilings, along with a garage containing four units. Recent updates include the addition of a new roof, new hot water heaters, a new boiler and new windows throughout the building, among other improvements.