43 Cottage St. in South Orange — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A private investor has paid more than $3 million for an 11-unit apartment building in South Orange, brokers with The Kislak Co. Inc. announced Monday.
According to the firm, the property at 43 Cottage St. is a freestanding structure with on-site surface and covered parking, with a location four blocks east of the train station and four blocks west of Seton Hall University. An undisclosed seller completed the deal for $3.075 million.
“More New York City investors are turning to New Jersey given the favorable upside in rents,” said Don Baxter, a member of the Kislak brokerage team. “Here, the purchaser took advantage of the competition who were awaiting a COVID-19-related wave of price reductions that never occurred. In fact, the opposite occurred as the market has continued to strengthen.”
Baxter and Scott Davidovic, both senior vice presidents, and Vice President Michael Kossak represented the buyer.
“The property traded for almost $280,000 per unit, which is a record per unit price for a smaller apartment building in South Orange,” Davidovic said. “The purchaser was also able to take advantage of today’s historically low interest rates.”
Kislak added that the building is home to one- and two-bedroom apartments, noting that it includes many recent improvements.
“The property is ideally located within walking distance of downtown South Orange,” Kossak said. “Tenants today are drawn to transit-oriented locations such as this that provide ease of travel and include a variety of social, entertainment and dining options within walking distance.”
