Bidding war for South Orange apartment building yields $4.1M sale; $300K over asking price

21-unit structure adjacent to thriving downtown, Seton Hall University

A 21-unit apartment building in South Orange has been sold for $4.1 million in a deal brokered by Sheldon Gross Realty President Marcy Gross and Controller Theresa Davies, in conjunction with Berkadia Senior Director Nat Gambuzza and Director Tim Blashford.

The 9,600-square-foot, two-story structure is located at 123 Milligan Place, immediately adjacent to the community’s vibrant downtown.

“There’s currently a great deal of interest in acquiring apartment buildings as investment properties,” Gross said. “The trend certainly held in this case. The building was listed for $3.8 million, received multiple above-asking offers during the course of just one week, and ultimately sold for a bit more than $300,000 beyond than the listing price.”

Featuring a spacious, rear parking area, the apartment building is an easy walk to Seton Hall University and multiple local restaurants and cafes. In addition, it’s no more than a 10-minute drive from Interstate 78, the Garden State Parkway and South Mountain Reservation.