Retail and Multifamily Mixed-Use | Value Add | 13-27 Scotland Rd
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Retail and Multifamily Mixed-Use | Value Add 13-27 Scotland Rd
15,000 SF 95% Leased Retail Building Online Auction Sale South Orange, NJ 07079
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Investment Highlights
- Opportunity to purchase a mixed-use investment comprising 15 multifamily units and five retail spaces.
- In-place average residential rent is $1,048 per month with 70% upside to $1,500 per month.
- Numerous recently completed development projects nearby, including a 110-unit apartment building directly adjacent to 13-27 Scotland Road.
- One block to South Orange Train Station with one-seat access to New York Penn Station in under 30 minutes.
- Seton Hall University, located 0.6 miles away, attracts people from the entire region and benefits the retail tenancy on the ground floor.
Executive Summary
As exclusive agent, Cushman & Wakefield is pleased to offer a 100% fee interest in 13-27 Scotland Road, South Orange, New Jersey 07079 for sale. This asset features a two-story +/-15,000 SF mixed-use retail and residential building on a 0.18-acre lot under a quarter mile from the South Orange Train Station. The building currently has 15 residential units and five commercial units. This offering represents the opportunity for an investor to acquire the asset and add value through unit renovations and raising rents to the market level as tenancy rolls over. 13-27 Scotland Road is ideally located in Essex County, benefiting from direct, one-seat access to New York Penn Station in under 30 minutes and Seton Hall University, which is one of New Jersey’s premier private universities.
South Orange, officially the Township of South Orange Village, is a suburban township in Essex County, New Jersey. Of the 564 municipalities in New Jersey, South Orange Village is one of only four with a village type of government. It is a quaint residential community boasting authentic Tudor, Colonial, and Victorian homes, streets dotted with gaslights, beautiful parks, and a bustling village center. The history of South Orange dates back to May 21, 1666, when Connecticut settlers landed on the shores of the Passaic River. Guided by Captain Robert Treat and Lieutenant Samuel Swaine, the group purchased land, now known as Newark, from the Lenni Lenape Indians on July 11, 1666. Those families wishing to farm moved westward into South Orange and surrounding areas. Architecture is extremely varied. Most of the town is single-family wood-framed houses. However, there are a few apartment buildings from various eras as well as townhouse-style condominiums of more recent vintage. Houses cover a range that includes every common style of the Mid-Atlantic United States since the late 19th century, and in sizes that range from brick English cottages to giant Mansard-roofed mansions. Tudor, Victorian, Colonial, Ranch, Modern, and many others are all to be found. Most municipal government structures date from the 1920s, with a few being of more modern construction. Many residents commute to New York City, but others work locally or in other parts of New Jersey. South Orange has a Central Business District with restaurants, banks, and other retail and professional services. There are a few small office buildings, but no large-scale enterprise other than Seton Hall University.
Property tours are available by appointment only. Please contact the listing broker to schedule.
South Orange, officially the Township of South Orange Village, is a suburban township in Essex County, New Jersey. Of the 564 municipalities in New Jersey, South Orange Village is one of only four with a village type of government. It is a quaint residential community boasting authentic Tudor, Colonial, and Victorian homes, streets dotted with gaslights, beautiful parks, and a bustling village center. The history of South Orange dates back to May 21, 1666, when Connecticut settlers landed on the shores of the Passaic River. Guided by Captain Robert Treat and Lieutenant Samuel Swaine, the group purchased land, now known as Newark, from the Lenni Lenape Indians on July 11, 1666. Those families wishing to farm moved westward into South Orange and surrounding areas. Architecture is extremely varied. Most of the town is single-family wood-framed houses. However, there are a few apartment buildings from various eras as well as townhouse-style condominiums of more recent vintage. Houses cover a range that includes every common style of the Mid-Atlantic United States since the late 19th century, and in sizes that range from brick English cottages to giant Mansard-roofed mansions. Tudor, Victorian, Colonial, Ranch, Modern, and many others are all to be found. Most municipal government structures date from the 1920s, with a few being of more modern construction. Many residents commute to New York City, but others work locally or in other parts of New Jersey. South Orange has a Central Business District with restaurants, banks, and other retail and professional services. There are a few small office buildings, but no large-scale enterprise other than Seton Hall University.
Property tours are available by appointment only. Please contact the listing broker to schedule.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Title and Insurance
Market Analytics Click Here to Access
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Market Sale Price per SF
Northern New Jersey - NJ USA
Market Cap Rate
Northern New Jersey - NJ USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
15,000 SF
Building Class
C
Year Built
1940
Percent Leased
95%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.90
Lot Size
0.18 AC
Zoning
B-A1
Frontage
119 FT on Scotland Rd.
Amenities
- Signage
Walk Score®
Walker's Paradise (93)
About Urban Essex
The Urban Essex Submarket spans an area from Upper Montclair in the north down to Maplewood and Irvington in the south. The Garden State Parkway as well as I-280 both cut through the submarket, offering consumers easy paths to various retail establishments throughout the area.
Consumers are able and willing to spend here, as total spending amounts to roughly $7 billion with almost one-third allocated towards food & drink expenses. Accordingly, numerous retailers and wholesalers have a presence in Urban Essex. The biggest occupiers here include SuperFresh in Newark, Forman Mills in East Orange, and Stop & Shop in South Orange.
Sales activity has been picking up recently, as retail investors are drawn to the submarket’s consumer spending potential and solid fundamentals. The Urban Essex vacancy rate has risen recently but is still below both the prior peak seen in 2017 and the broader Northern New Jersey’s current level. Meanwhile, annual rent growth has slowed over the past twelve months, but it remains in line with the metro.
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
30,060
283,666
671,243
2020 Population
29,123
290,055
687,943
2029 Population
29,713
277,512
656,563
2024-2029 Projected Population Growth
-1.2%
-2.2%
-2.2%
Daytime Employees
7,526
84,334
289,867
Total Businesses
907
9,852
27,903
Average Household Income
$138,458
$93,844
$95,737
Median Household Income
$101,673
$63,769
$64,962
Total Consumer Spending
$375.8M
$2.9B
$6.9B
Median Age
36.3
37.8
37.9
2024 Households
10,354
102,678
242,648
Percent College Degree or Above
28%
19%
19%
Average Home Value
$652,714
$485,198
$501,963
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 19-01006-0000-00004 | Improvements Assessment | $1,861,100 |
| Land Assessment | $685,100 | Total Assessment | $2,546,200 |
PROPERTY TAXES
Parcel Number
19-01006-0000-00004
Land Assessment
$685,100
Improvements Assessment
$1,861,100
Total Assessment
$2,546,200
Sale Advisors
Sale Advisors
Andrew Schwartz, Managing Director
(973) 292-4624
Contact
Andrew J. Schwartz is a Senior Director in the Metropolitan Area Capital Markets Group. He is located in Cushman & Wakefield’s Morristown, New Jersey office and specializes in middle markets transactions in the $2 million to $20 million range in the suburban New York Metropolitan area.
Since joining the Capital Markets Group, Andrew has been involved in more than $500 million of property sales comprising over 5.7 million square feet. Prior to that, he worked on Wall Street for 20 years serving institutional clients at Abel Noser and Morgan Stanley. Previous to that, he was with Cushman & Wakefield as an office and industrial leasing broker.
Since joining the Capital Markets Group, Andrew has been involved in more than $500 million of property sales comprising over 5.7 million square feet. Prior to that, he worked on Wall Street for 20 years serving institutional clients at Abel Noser and Morgan Stanley. Previous to that, he was with Cushman & Wakefield as an office and industrial leasing broker.
Andre Balthazard, Sr. Associate
(732) 360-6249
Contact
André Balthazard is an Associate on the Metropolitan Area Capital Markets team based out of Morristown, New Jersey. Andres’s team specializes in middle-market transactions in the Northern New Jersey and Suburban New York markets. Prior to joining the Capital Markets team, André interned with Cushman & Wakefield in the Sacramento, California office where he worked with teams that represented office and industrial tenants and landlords.
Jordan Sobel, Director
(973) 292-4633
Contact
Jordan N. Sobel is a Director in the Metropolitan Area Capital Markets Group. He is located in Cushman & Wakefield’s Morristown, New Jersey office and specializes in middle markets transactions in the $2 million to $30 million range in the suburban New York Metropolitan area. Prior to joining the Capital Markets Group, Jordan was a Land Acquisition Analyst at K. Hovnanian Homes. There he assisted the Acquisition team with the evaluation of current and potential acquisitions.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Sophy Cardenas
Contact
Auctioneer License:
Ten-X Commercial, LLC Arlene Richardson RE Brkr 2187404
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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Retail and Multifamily Mixed-Use | Value Add | 13-27 Scotland Rd
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