A mixed-use property with three retail spaces and 17 residences in Essex County recently sold for $2.6 million.
The Kislak Co. Inc. announced the sale of 359 N. Maple Ave. in East Orange on Feb. 22. The property was marketed exclusively by Vice President Julie Gralla, with Executive Vice President Joni Sweetwood procuring the buyer.
According to Gralla, the seller is a repeat client.
“Despite the retail component deterring some interested parties, with the help of Ms. Sweetwood, we were able to close at an aggressive price with the cap rate in the low 5% range,” Gralla said in a statement.
East Orange has a strong rental population, according to Kislak, with 41% of households being tenant-occupied.
The brick building stands three stories high. The residential component is mostly made up of one-bedroom units, and features security cameras, hardwood floors and a garage with four units.
According to Kislak, recent renovations at the property include a new roof, hot water heaters, boiler, windows, front door and sidewalk, along with additional outdoor lighting.
At the beginning of the month, Gralla handled the sale of the former Franklin Steakhouse building in Nutley.=