Walnut Garden Apartments
41 Unit Value-add Multifamily Essex County
Marketing description
Marcus & Millichap is pleased to present Walnut Garden, a 41-unit, four-story brick apartment building located at 129 N Walnut Street in East Orange, New Jersey. The property offers investors a stabilized, cash-flowing multifamily asset with meaningful upside through operational efficiencies and rent repositioning.
Walnut Garden maintains consistently high occupancy with predictable annual turnover, providing stable in-place income while allowing for periodic rent resets upon re-leasing. The property benefits from separately metered utilities and durable pre-war construction. Located less than half a mile from both the East Orange and Brick Church NJ Transit stations, the asset provides direct access to Newark and Manhattan and sits within a rapidly improving, transit-oriented corridor. With nearby large-scale redevelopment and below-market in-place rents, Walnut Garden represents an opportunity to acquire scale, stability, and long-term growth in a supply-constrained Northern New Jersey submarket.
Investment highlights
41-Unit Stabilized Multifamily Asset - Four-story pre-war brick building with durable construction, efficient layouts, and strong in-place occupancy providing immediate cash flow.
Consistently High Occupancy - The property maintains strong occupancy levels with predictable annual turnover, supporting ongoing rent growth through re-leasing at market levels.
Clear Value-Add Upside Through Rent Repositioning - In-place rents average approximately $1,262/unit with 15–25% upside through turnover, renovation, and improved management.
Separately Metered Utilities - Tenants pay for individual electric and gas, limiting ownership exposure; landlord covers water, sewer, and common areas.
Transit-Oriented Location - Less than 0.5 miles to both East Orange and Brick Church NJ Transit stations with direct access to Newark and NYC.
Supply-Constrained, Improving Submarket - Surrounded by significant redevelopment including The Crossing at Brick Church, Aura 240, and The Modern, reinforcing long-term demand.
Attractive Basis for Unit Count - 41 units provide scale rarely available in East Orange, where most walk-ups range between 20–35 units.
Workforce Housing with Durable Demand Drivers - Proximity to major employers including University Hospital, Rutgers Newark, Clara Maass Medical Center, and Newark’s CBD.
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