Updated Oct 20, 2026
SOLDMultiFamily
ICON Real Estate Advisors Facilitates $10.475M Sale Of 88-Unit Multifamily Portfolio In East Orange
255 Prospect Street & 284 Prospect Street
$10,475,000
$287/SF
Building Size
36,500 SF
Asset Type
MultiFamily
Closing
Sep 23, 2026
About this deal
AI
The transaction involved the sale of an 88-unit multifamily portfolio located at 255 & 284 Prospect Street in East Orange. The sale price was $10,475,000, with a total square footage of 32,823. The property consists of 88 units, resulting in a price per unit of $227,717 and a price per square foot of $319. At the time of closing, the property was approximately 51% vacant following foreclosure.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $10,475,000
- Units: 88
- Square Footage: 32,823
- Price Per Unit: $227,717
- Price Per Square Foot: $319
- Market: East Orange
- Date of Sale: 09/23/2026
David Betesh and David Oropeza of ICON Real Estate Advisors represented the lender in this transaction. The firm facilitated the REO sale, leveraging their expertise in value-add multifamily opportunities throughout New Jersey.
On the Map
$10,475,000
$287/SF
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
1.51%
Cash-on-Cash
-0.43%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93