Overview
SAGE Real Estate Advisors is pleased to present the Reynolds Terrace & South Center Street Apartments, a 72-unit multifamily portfolio located in the heart of Orange, New Jersey. This transit-oriented offering consists of two well-maintained walk-up apartment buildings just 0.3 miles apart, featuring a mix of studio, one-bedroom, and two-bedroom units. The buildings are situated within walking distance of NJ Transit’s Highland Avenue and Orange stations, providing direct commuter rail access to Newark and New York City. With current rents well below market, included utilities, and a historically stable rent roll, the portfolio offers investors a unique opportunity to reposition a legacy-owned asset in one of Essex County’s most accessible and evolving submarkets.
Investment Highlights
Transit-Oriented Location: Both properties are less than one mile from two NJ Transit train stations, offering tenants convenient access to Newark and Midtown Manhattan. Commuters can reach NYC in under 40 minutes, making the properties highly desirable for working professionals.
Value-Add Opportunity with Below-Market Rents: Rents across the portfolio trail market averages, with one-bedroom units at or under $1,500/month. Strategic unit renovations can unlock substantial upside through rent growth and improved tenant retention.
Desirable Unit Mix & Walkable Amenities: The portfolio features a strong mix of 1BR and 2BR apartments, complemented by on-site laundry and parking. Residents enjoy close proximity to downtown Orange retail, dining, and services, all within a walkable urban setting.
Included Utilities Drive Tenant Demand: Heat, hot water, and in some cases cooking gas are included in rent—offering a strong value proposition to tenants and reducing utility-related maintenance exposure for ownership.
Operational Efficiency Across Two Sites: With just 0.3 miles separating the two buildings, the portfolio is easy to manage as a cohesive asset. The compact layout and on-site amenities make it well-suited for streamlined operations and cost-effective management.
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