Value-Add Former Daycare | SOMA 19 Prospect St

19 Prospect Street is the ultimate value-add opportunity just west of Newark. The 4,444-square-foot mixed-use asset comprises three total units. The lower-level and first-floor spaces are designated for the well-appointed office. Above the office are two apartments. Built in 1914 with a major renovation in 2014, this property is beautifully maintained in Downtown Orange. The interior features hardwood floors and high-end upgrades throughout. The colonial façade provides an inviting feel for tenants and guests. The property has advantageous B-1 zoning in South Orange. B-1 zoning allows for commercial uses, mixed-use developments, personal service establishments, and community facilities. The property is approximately 18% occupied by month-to-month tenants. Savvy investors have the opportunity to swoop in and increase the net operating income by leasing out vacancies at market rates.

Both office and multifamily are well-performing asset types in South Orange. The Urban Essex Office Submarket boasts a low vacancy rate of 2.6%. The Urban Essex Office Submarket has roughly 140,000 square feet of space listed as available, for an availability rate of 3.1%. As of the first quarter of 2025, there is no office space under construction in Urban Essex allowing existing inventory to be highly valuable. Rents have increased by 1.2% in the past year and are roughly $31 per square foot compared to $30 per square foot in Northern New Jersey. The Lower Essex County Multi-Family Submarket is also high-performing. The latest data from January paints a picture of robust expansion for an area that's already one of the largest multifamily nodes in Northern New Jersey. Average rents in this submarket, at $1,990 per month, remain among the most affordable in Northern New Jersey. Lower Essex County is the third-largest multifamily submarket in Northern New Jersey, with an inventory of nearly 26,200 units. Demand here is driven by easy access to employment nodes in New York City, Newark, and Jersey City.

Northern New Jersey is the place to be when it comes to investment. Northern New Jersey's economy remains on solid footing, as rising payrolls and accelerating population growth provide a strong backdrop for consumer spending and housing demand. Payrolls are growing at a 2% rate outpacing the US average of 1.7%. Robust wage growth remains a key driver of healthy fundamentals in the retail and multifamily property sectors. Median household incomes have ticked up 3.5% to nearly $106,000 over the past year, settling approximately 35% above the national average.

19 Prospect Street benefits from its valuable location in the walkable Downtown Orange. Downtown Orange is known for its charm with its gas-lit streets and beautiful historic architecture. The highly walkable area has many restaurants, bars, and entertainment options lining the streets. There is also quick access to many necessities as well. Seton Hall University, whose population is about 10,000 students, is located just a half mile from 19 Prospect Street. Additionally, Newark Liberty International Airport is close by. The South Orange Train Station is only three blocks from the asset, allowing easy access to all of New Jersey and New York City in under 35 minutes. Garden State Parkway and Interstate 280 provide quick commutes to residents and workers as well.

When high-end work environments, connectivity, and convenience are key, 19 Prospect Street is the ideal destination.

Property tours are available by appointment only. Please contact the listing broker to schedule.