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$ 1,990,000
Est. payment | /mo
5,000 SqFt
$ 1,990,000
Est. payment | /mo
5,000 SqFt
Key Details
Property Type Single Family Home
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 5,000 sqft
Price per Sqft $398
MLS Listing ID 3943045
Annual Tax Amount $26,621
Tax Year 2024
Lot Size 4,791 Sqft
Property Description
LOCATION, LOCATION, LOCATION!Located directly across from Newark Town Hall, this rare investment opportunity is ideal for builders and investors looking to capitalize on one of the most desirable commercial streets in the city. The property is currently home to a Crown Fried Chicken (owned by the seller) and a nail salon, which generates $4,000 per month in rental income. However, the property can be delivered fully vacant, providing maximum flexibility for the buyer to reimagine its use. Per the seller's claims (buyer to conduct their own due diligence), the zoning allows for the construction of up to four floors plus a ground floor, which could accommodate 12 residential units and two commercial spaces. The true value lies in the property's prime location and development potential, making it a perfect addition to any investor's or developer's portfolio. Don't miss this opportunity to secure a high-visibility property in Newark's thriving urban landscape schedule your showing today!
Location
State NJ
County Essex
Zoning COMMERCIAL
Rooms
Basement Full, Storage
Interior
Heating Gas-Natural
Cooling Wall A/C Unit(s)
Equipment Appliances, Fire Alarm, Handicapped Access, Kitchen Area, Refrigeration Unit, Restrooms - Public, Smoke Detector, Storage Area(s)
Heat Source Gas-Natural
Exterior
Exterior Feature Concrete
Utilities Available All Underground
Roof Type Flat
Building
Story 2
Sewer Public Sewer
Water Public Water
Others
Ownership Fee Simple
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Listed by REAL
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Peter Sisca
Agent | License ID: 10401364161, 2298786