61-63 Chestnut Street
Multifamily | 6 Units | $208,333/unit
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the multi-family investment property located at 61-63 Chestnut Street in West Orange, NJ (the “Property”). The three-story building contains five (5) 2-Bedroom/1-Bathroom units and one (1) 1-Bedroom/1-Bathroom unit with 6,615 square feet of gross living area. The Property is situated upon a 0.11-acre parcel and features four (4) off-street parking spaces.
61-63 Chestnut Street is strategically located in the heart of West Orange, offering residents convenient access to the township’s primary commercial corridors, employment centers, and lifestyle amenities. The property benefits from excellent regional connectivity via nearby Interstate 280, Route 10, and the Garden State Parkway, providing efficient access throughout Northern New Jersey as well as direct connections to Newark and New York City. The surrounding neighborhood combines established residential character with convenient access to shopping, dining, healthcare, and recreational amenities, supporting strong renter demand within one of Northern New Jersey’s most desirable suburban markets.
Investment highlights
ACCESS & CONNECTIVITY NJ
Transit’s 71 bus serves the West Orange area, providing a direct public transit link toward Newark and surrounding Essex County destinations, while West Orange also offers free jitney service to nearby rail stations including Orange, South Orange, and Brick Church, which connects riders to the NJ Transit Midtown Direct network and service into New York Penn Station.
Commuters also benefit from the property’s proximity to Brick Church Station in East Orange, an active NJ Transit commuter rail station on the Morristown Line and Gladstone Branch, and the broader rail access available through the township’s shuttle services.
In addition, West Orange is located minutes from Route 280 and has convenient access to the Garden State Parkway and the New Jersey Turnpike, making travel throughout northern New Jersey and into Manhattan highly efficient.
AREA AMENITIES & DEMAND DRIVERS
The Property is positioned near several of Northern New Jersey’s largest employment centers, including downtown Newark, which is home to major employers such as Prudential Financial, Panasonic Corporation of North America, and RWJBarnabas Health, as well as the expanding business districts surrounding Newark Liberty International Airport.
The area also benefits from proximity to major healthcare and education employers including Saint Barnabas Medical Center, Seton Hall University, and New Jersey Institute of Technology.
Residents enjoy convenient commuter access to Manhattan via nearby NJ Transit rail stations in Orange and South Orange, providing connectivity to New York City’s largest employment hubs in Midtown and Lower Manhattan.
Additional demand drivers include the area's proximity to the affluent communities of Montclair, Livingston, and Millburn, as well as premier regional attractions such as Turtle Back Zoo, South Mountain Reservation, and Eagle Rock Reservation.
UTILITIES
Tenants are responsible for separately metered electricity, which they pay directly. The Landlord is responsible for providing gas-powered heat & hot water and city water & sewer, which they pay directly.
OFF-STREET PARKING
The Property features four (4) off-street parking spaces.
STRONG RENTAL DEMOGRAPHICS & DEMAND
More than 28,000 people live within 1 mile of the Property with an average household income of $141,671. Over 276,700 people reside within 3 miles of the Property with an average household income of $133,527.
QUALITY OF LIFE AMENITIES
The Property is located near a diverse mix of restaurants, ranging from national chains and quick-service options such as Chipotle Mexican Grill, Panera Bread, McDonald's, and Starbucks to well-known local favorites including McLoone's Boathouse, The Highlawn, and the acclaimed dining scene found in neighboring Montclair.
Daily shopping needs are supported by nearby retailers such as CVS Pharmacy, Walgreens, and grocery anchors including ShopRite, Whole Foods Market, and Trader Joe's in nearby Essex County communities. Residents also enjoy convenient access to major retail destinations such as Essex Green Shopping Center and The Mall at Short Hills, one of the premier luxury shopping destinations in the region.
Outdoor recreation opportunities are abundant, highlighted by the expansive South Mountain Reservation, which offers miles of hiking and biking trails, scenic overlooks, and picnic areas, as well as Eagle Rock Reservation, known for its panoramic views of the Manhattan skyline.
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