120 Milligan Place South Orange, NJ 07079
Estimated payment $9,835/month
About This Home
Rare Legal Boarding House in Prime South Orange - Turnkey Income Property! An exceptional investment opportunity awaits with this rare, legal boarding house, a unique designation that ensures consistent monthly income ($14,000/month with 3% increase in June) and offers flexibility to rent to individuals or groups.The 1st floor Unit 1 features 4 spacious bedrooms, a large living/dining area, and an eat-in kitchen. A private entrance makes this space ideal for groups seeking a secure and comfortable living arrangement. A separate, 1st floor studio apartment with kitchenette, full bath, and private entrance offers another excellent rental opportunity. The 2nd and 3rd floors (considered Unit 3). contain 9 individually rented bedrooms, fully occupied, with several long-term tenants and no vacancies during ownership ensuring a reliable income stream. Additional on-property amenities include shared laundry facilities and off-street parking, a highly sought-after feature in this desirable location.Situated just down the block from South Orange Village's vibrant shops and restaurants, a short distance from Seton Hall University, and adjacent to the direct train to NYC, this property is perfectly positioned for high tenant demand. Whether catering to students, commuters, or professionals, this income-generating property is a rare and valuable find in one of New Jersey's most desirable rental markets. CAN BE SOLD AS A PACKAGE with 122 MILLIGAN (COMING SOON BUT CAN BE SHOWN IMMEDIATELY)
Listing Agent
COLDWELL BANKER REALTY Brokerage Phone: 646-662-6655 Listed on: 02/12/2025
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $21,730
Year Built
- Built in 1854
Home Design
- Vinyl Siding
Bedrooms and Bathrooms
- 14 Bedrooms
- 4 Full Bathrooms
Parking
- 9 Parking Spaces
- Shared Driveway
- Additional Parking
Schools
- Columbia High School
Utilities
- Window Unit Cooling System
- Standard Electricity
Additional Features
- Walk-Out Basement
- 7,405 Sq Ft Lot
Community Details
- Net Operating Income $9,800
Listing and Financial Details
- Assessor Parcel Number 1619-02011-0000-00006-0000-
- Tax Block *
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $19,687 | $866,100 | $264,900 | $601,200 |
| 2022 | $18,983 | $541,300 | $197,500 | $343,800 |
| 2021 | $18,323 | $541,300 | $197,500 | $343,800 |
| 2020 | $17,755 | $541,300 | $197,500 | $343,800 |
| 2019 | $17,311 | $541,300 | $197,500 | $343,800 |
| 2018 | $17,051 | $541,300 | $197,500 | $343,800 |
| 2017 | $16,629 | $541,300 | $197,500 | $343,800 |
| 2016 | $16,158 | $422,100 | $137,400 | $284,700 |
| 2015 | $15,782 | $422,100 | $137,400 | $284,700 |
| 2014 | $15,453 | $422,100 | $137,400 | $284,700 |
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 04/25/2025 04/25/25 | Pending | -- | -- | -- |
| 04/25/2025 04/25/25 | Pending | -- | -- | -- |
| 02/12/2025 02/12/25 | For Sale | $1,450,000 | 0.0% | -- |
| 02/12/2025 02/12/25 | For Sale | $1,450,000 | -- | -- |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Bargain Sale Deed | $975,000 | Simplicity Title | |
| Deed | $150,000 | -- | |
| Deed | $150,000 | -- |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $1,068,750 | New Conventional | |
| Closed | $900,000 | Construction | |
| Previous Owner | $225,000 | Unknown | |
| Previous Owner | $150,000 | Adjustable Rate Mortgage/ARM |
Source: Garden State MLS
MLS Number: 3945738
APN: 19-02011-0000-00006
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