Golden Orange
Multifamily | 59 Units | $157,000/unit
Marketing description
Icon Real Estate Advisors is pleased to present Golden Orange, a four-story multifamily asset comprising 59 residential units with a mix of one, two, and three bedroom layouts. Situated on a ±0.89-acre parcel in East Orange within Essex County, the Property spans approximately 42,500 square feet and includes 40 surface parking spaces, offering investors a core multifamily opportunity with stable income and operational scale in a high-demand rental market.
The Property is strategically positioned in a dense urban submarket with strong renter demand, supported by population density, neighborhood retail, and access to major employment hubs. Located minutes from NJ Transit rail service and key highways, Golden Orange provides residents with convenient connectivity to Newark and New York City. With limited new multifamily development in East Orange and a demonstrated need for affordable, well-located housing, the Property offers investors stable cash flow today with clear potential for rent growth and operational upside.
Investment highlights
- Golden Orange is a 59-unit multifamily property positioned to deliver durable cash flow in a dense Essex County submarket. The scale of the asset provides efficiencies not typically found in smaller walk-up properties, while its unit mix supports stable long-term occupancy across diverse tenant demand.
- Built in 1954 with functional layouts and a mix of one, two, and three bedroom units, the Property offers operational consistency. Its size and straightforward configuration allow for efficient management, making it well suited for investors seeking stable performance with manageable oversight and long-term income durability.
- The Property benefits from strong transportation access, including I-280, the Garden State Parkway, and NJ Transit rail and bus service. Newark Liberty International Airport is approximately 20 minutes away, and downtown Newark can be reached within 10 minutes, providing residents with direct access to major employment centers.
- Golden Orange is surrounded by grocery stores, schools, and neighborhood retail within walking distance. This everyday convenience, combined with the area's density and established residential character, supports consistent tenant demand and reinforces long-term occupancy stability in a well-connected urban setting.
- Current average rents of $1,473 remain below market levels of $1,829, providing clear organic rent growth potential. Moreover, an NOI of $872K+ reflects a meaningful increase in cash flow, offering the opportunity to enhance returns through operational and leasing strategies.
- East Orange is a fully built out urban market with limited land available for new development. Elevated construction costs and zoning constraints restrict new supply, positioning existing multifamily assets to benefit from sustained rental demand and long-term value appreciation within Essex County.
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