Updated Mar 11, 2026
Justin Square LLC Purchases 58-Unit Multifamily Property At 223 Prospect Street For $7.95M
223 Prospect Street
$7,950,000
Units
58
Asset Type
MultiFamily
Closing
Mar 10, 2026
About this deal
AI
A 58-unit garden-style multifamily property located at 223 Prospect Street in East Orange, NJ was sold for $7,950,000. The transaction was facilitated by ICON Real Estate Advisors, with the property market value reflecting a price per unit of $137,069.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $7,950,000
- Units: 58
- Price Per Unit: $137,069
- Buyer: Justin Square LLC
- Seller: MCM Associates LLC
- Brokers: David Oropeza & David Jarvis - ICON Real Estate Advisors
The deal was structured by David Oropeza and David Jarvis, who represented ICON Real Estate Advisors in this transaction. MCM Associates LLC acted as the seller of the property, while Justin Square LLC was the buyer, marking a significant transaction in the East Orange market.
On the Map
$7,950,000
MultiFamily
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Players
East Orange MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.00%
Cash-on-Cash
-0.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93