Description
Marketing Description:
Marcus & Millichap has been selected to exclusively market for sale the 400 Highland Terrace, an 81-unit multifamily building, in Orange, New Jersey. The building consists of 10 studios, 61 one-bedrooms and 10 two-bedrooms. 400 Highland Terrace has been renovated with 20 luxury apartments, a new roof, and two elevators.
The property is located around the block from the Highland Avenue Train Station which offers a 28-minute commute into Manhattan. Additionally, the property has easy access to the Garden State Parkway, I-78, Route 1&9, placing it 15 miles from Manhattan, 13 miles from Newark Airport, and 19 miles from Brooklyn.
Recently, the Valley neighborhood in Orange and West Orange has experienced a massive influx in development, with projects like Hat City Lofts, Edison Lofts and the Harvard Printing Apartments opening their doors close to the Highland Avenue Train Station.
Investment Highlights
- The property is currently operating at 17% below market rents
- Landlord friendly rent control with 5% annual increases and vacancy decontrol
- 81 Apartments with 34 surface parking spaces
- The building has been renovated with 20 luxury apartments, updated lobby and newer roof.
- The property is located in a federal Opportunity Zone
- Around the block from the Highland Ave Train Station which offers a 28-minute commute into Manhattan
- Located 13 miles from Newark Liberty Airport
- Easy access to Garden State Parkway, I-78, Route 1&9 and more
- Located 15 miles from Manhattan, 13 miles from Newark Airport, and 19 miles from Brooklyn
- The Valley neighborhood in Orange and West Orange has experienced massive influx in development, with projects like Hat City Lofts, Edison Lofts and the Harvard Printing Apartments opening their doors close to the Highland Avenue Train Station
