291 Rockaway LLC Acquires 44-Unit Multifamily Building In East Orange For $5.1M

A multifamily building located at 75 North Walnut Street in East Orange, New Jersey, was involved in a transaction where the asset type is multifamily. The property features a total of 44 units and was transacted at a sale price of $5,100,000, resulting in a price per unit of $115,909. At the time of sale, the building had an occupancy rate of approximately 50%.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $5,100,000
• Address: 75 North Walnut Street
• Market: East Orange, NJ
• Units: 44
• Price Per Unit: $115,909
• Buyer: 291 Rockaway LLC
• Seller: 75 N Walnut NJ PO LLC
• Broker: David Oropeza - ICON Real Estate Advisors

291 Rockaway LLC acquired the property through a foreclosure-related REO sale from 75 N Walnut NJ PO LLC. David Oropeza from ICON Real Estate Advisors represented the transaction, with the buyer intending to execute significant renovations aimed at repositioning the property.