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$1,200,000   Price Analysis
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198 Lorraine Ave
Montclair, NJ 07043
9 bed 3 bath 5,270 SqFt ($227/SqFt)
0.23 acre lot. Built 1907
Listed 2024-02-28
Ⓧ USDA Ineligible
due to price & location

near Montclair

This is one of the largest multi-unit buildings if not the largest

* No Longer For Sale *
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In all of Montclair. Over 5000 sq ft of living space. High ceilings throughout, first-floor apartment is 188 5 sq ft, second floor is the same and third floor is about 1500 sq ft.

One could combine the 2nd and third floor into 6 plus bedroom 2 bath. There may be the possible ADU if owner occupied. This location is second to none. Walk to village or midtwn direct. There are fabulous parks and the town pool all in close proximity.


Presented by Jerome Sahlman at
Village Square Realtors.
Listing Agent Photo

Property MLS #3888148 from GardenState

Bedrooms: 9

Total Bathrooms: 3.00
Full Bathrooms: 3

21
Basement Description: Unfinished

Cooling Features: Window A/C(s)
Heating Features: 2 Units, Radiators - Steam
Heating Fuel: GasNatur, OilAbIn

Driveway: 2 Car Width, Driveway-Shared
Parking Total: 6

Lot Size Acres: 0.23
Lot Size Square Feet: 10019

Gross Income: 81000

Number of Units: 2
Bedrooms in Unit-1: 3
Bedrooms in Unit-2: 3
Bedrooms in Unit-3: 3
Total Bathrooms in Unit-1: 1.0
Total Bathrooms in Unit-2: 1.0
Total Bathrooms in Unit-3: 1.0
Total Rooms in Unit-1: 7
Total Rooms in Unit-2: 7
Total Rooms in Unit-3: 7
Unit-1 Description: Bedrooms, Den, Dining Room, Kitchen, Living Room
Unit-2 Description: Bedrooms, Den, Dining Room, Kitchen, Living Room
Unit-3 Description: Bedrooms, Dining Room, Living Room, Storage
Unit-1 Furnished Description: Carbon Monoxide Detector, Ceiling Fan(s), Dishwasher, Dryer, Range/Oven - Gas, Refrigerator, Smoke Detector, Washer
Unit-2 Furnished Description: Carbon Monoxide Detector, Ceiling Fan(s), Dishwasher, Dryer, Range/Oven - Gas, Refrigerator, Smoke Detector, Washer
Unit-3 Furnished Description: Carbon Monoxide Detector, Smoke Detector
Unit-1 Square Feet: 1885
Unit-2 Square Feet: 1885
Unit-3 Square Feet: 1500
Unit 1 Total Actual Rent: 3120
Unit 2 Total Actual Rent: 3125

Annual Tax Amount: 21286
Source Listing Status: Sold
County: Essex
Directions: Valley Rd or Park St to Lorraine Ave
Tax Year: 2022
Source Property Type: Multi-Family
Source System Name: C2C

Sold 2024-05-29
$1,275,000
GardenState
Listed 2024-02-28
$1,200,000
GardenState

Net Operating Income: 56000
Operating Expense: 25000
Operating Expense Includes: Insurance, Maintenance, Taxes

Access: Yes

Year Built: 1907
Building Exterior Type: Clapboard
Property Age: 117
Roof: Asphalt Shingle
House Style: 1-One Story

Sewer: Public Sewer
Cable TV Available
Garbage Included
Water Source: Public Water

Other Equipment: Gas

Montclair High School is a public high school located approximately 1.3 miles away.
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St. Cassian Elementary School is a private elementary and middle school located approximately 0 miles away.
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Mt Hebron Middle School is a public middle school located approximately 0.1 miles away.
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Northeast Elementary School is a public elementary school located approximately 0.7 miles away.
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.