120 Halsted Street
Luxury Apartment Community in Essex County
Marketing description
Please see link to Deal Site: https://www.cbredealflow.com/handler/modern.aspx pv=6D8AqozWkiIkmQsUVKPwmEYVxz3vVHAXvCQj1mceLmbQ00SVr9O4TXK6Ydg8fGrNSoi1d91LPJeYE3fUQNWK5g
Please see link to NDA Agreement: https://www.cbredealflow.com/buyer/agreement?pv=6D8AqozWkiIkmQsUVKPwmEYVxz3vVHAXvCQj1mceLmbOX_Efk2VA_KuPSsTYmLrp
CBRE, Inc. has been retained as the exclusive advisor for the fee simple sale of 120 Halsted Street (“120 Halsted” or “Property”) located at 120 Halsted Street in East Orange, New Jersey. 120 Halsted is a 42-unit mid-rise apartment building positioned in excellent physical condition following a complete gut renovation in 2016. The Property offers a compelling investment opportunity in a stabilized asset operating at a 95.2% occupancy. Converted from an office building, 120 Halsted features modern unit interiors complete with quartz countertops, dark hardwood floors, and stainless steel appliance packages. All units feature in-unit washer and dryer combinations and are primed for light value-add enhancement, allowing an investor to capitalize on a significant 10% mark-to-market opportunity by bringing in-place rents up to the market average, ensuring a highly stable and well-maintained foundation for immediate cash flow.
120 Halsted is strategically positioned in close proximity to the Brick Church New Jersey Transit station and the Main Street corridor. Located exactly 0.3 miles—a 5-minute walk—from the property, the Brick Church Station provides commuters with a 24-minute direct train ride to Midtown Manhattan and a 6-minute ride to Newark, underscoring the area’s exceptional transit connectivity. Just steps away, the neighborhood offers a vibrant and walkable environment with a Walk Score of 90, anchored by a brand-new 68,000-square-foot ShopRite supermarket and the $500 million Crossings at Brick Church Station mixed-use development, making the area highly desirable for both families and young professionals. This transit-oriented location enhances the property’s appeal and supports long-term rental demand.
Investment highlights
Material Rental Upside
Current In-Place Rents Are 10% Below Market, Providing An Immediate Opportunity For Rent Increases And A Strong Upside Potential In Rental Income.
Transit Accessibility
Located Just 0.3 Miles From Brick Church Train Station, Offering Direct, 24-Minute Service To Penn Station, Nyc, Desirable For Commuters To Manhattan, Hoboken, Jersey City, And Newark.
High Occupancy & Stability
The Property Boasts A 95.2% Occupancy Rate, Reflecting Strong Demand For Rental Units And Stability In Tenant Retention.
Prime Location
Positioned In East Orange, A Rapidly Developing Area With Access To Major Employment Centers, And Close Proximity To Vibrant Urban Hubs Like Newark And Hoboken, Which Are Seeing Strong Economic Growth.
Attractive Unit Mix
The Property Features A Diverse Mix Of 42 Units, Including Studios, One-Bedroom, And Two-Bedroom Apartments, Catering To A Wide Range Of Tenants. The Variety Ensures Strong Demand, With 100% Occupancy, Reflecting Its Broad Appeal.
Fiscal Stability & Growth
The Property Delivers A Reliable Income Stream With Steady Rent Growth And Opportunities For Further Appreciation, Driven By Its Strategic Location And Strong Tenant Demand.
Neighborhood Amenities
Close To Shopping, Dining, And Entertainment Options, With A Walk Score Of 90, Offering An Easy, Pedestrian-Friendly Lifestyle For Residents.
Ample On-Site Parking
The Property Features 54 Parking Spaces On-Site, Offering Convenient Parking Options For Residents And Ensuring Tenants With Vehicles Have Easy Access To The Property.
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