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Opportunity Zone
404-410 Central Ave
39 Residential Units & Retail - Proposed Development Project
Listing Contacts
License: AB069300, 1645747
Active
Asking Price: $1,750,000
Address
404 Central Ave, East Orange, NJ 07018
Show on MapDate Added
Jun 21, 2023
Days on Market
634 days
Time Since Last Update
78 days
Details
Property TypeRetail, Multifamily, Mixed Use
SubtypeStorefront, Apartment Building
Investment TypeRedevelopment
Investment Sub TypeRedevelop or Renovate
TenancyMulti
Square Footage10,000 - 60,000
Cap Rate8.90%
Pro-Forma Cap Rate10.23%
Occupancy70%
Pro-Forma NOI$178,958
Units12
Year Built1930
ZoningCAE/CAC - Central Ave Commercial District
Lot Size (acres)0.39
APN05-00510-0000-00030, 05-00510-0000-00029
OwnershipCorporation
Marketing Description
Two lots (Block 510, Lots 29 & 30) available for sale together or separately. Zoned CAE/CAC. Ideal for redevelopment of a larger asset Commercial or Mixed-use. Zoning analysis suggests a five to seven story mixed use building may be allowed without variances with a typical floor size of 10,000 SF. Architect recommendation is for a 48,000 SF five or six story mixed use building with Retail and parking on the ground level and 37-45 residential units plus amenities on the upper levels. Assemblage of lots 29 and 30 would yield approx. 17,001 SF or a 0.39 acre lot. See attached Due Diligence Docs. Property is sold in strictly AS IS condition. The existing structures can be renovated if there is no interest in new development.
Proposed:
Parking: 37 Spaces
1 BR: 715 SF: 16 units
2 BR: 1099 SF: 12 units
3 BR: 1419 SF: 9 units
Retail: 2250 SF
Investment Highlights
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Commercial Business District
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Development Opportunity for Retail or Mixed Use
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High Foot Traffic
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Value Ad
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ROI
Property History
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Due Diligence
Please execute confidentiality agreement to access the due diligence
Listing Contacts
- License: AB069300, 1645747
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