112-116 Fabyan Pl
Land | 0.17 acres
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase a multi-family development site located at 112-116 Fabyan Place in Newark, New Jersey (“the Property”). The offering is for a vacant parcel of land comprising 0.17-acres of developable land (7,408 square feet). The Property is approved for the development of a three-story, eleven (11) unit multi-family building with covered parking for eight (8) vehicles. The Property offers the opportunity to acquire a fully approved development opportunity in an exceptional, urban-infill location. The subject property is ideal for a potential buyer looking for a project with income growth and strong investment returns.
The Property is located at the signalized intersection of Fabyan Place and Nye Avenue in Newark’s Upper Clinton Hill neighborhood on the outskirts of Newark’s Central Business District. The Property is located along the municipal bus line and is close to area train stations. The Property also enjoys convenient access to several area colleges, Newark Beth Isreal Medical Center and numerous area retailers and restaurants. The building benefits from close proximity to the ports of New York and New Jersey and Newark Liberty International Airport. The Property has convenient access to major roadways with direct access to Manhattan, Staten Island, and all of New Jersey.
Newark is a suburb of New York City and is the county seat of Essex County within the New York metropolitan area. The densely populated area is 11-miles southwest of New York City.
Investment highlights
DEVELOPMENT OPPORTUNITY: The Property has approvals in place to construct a three-story, eleven (11) unit multi-family Property with on-site covered parking. Once constructed, the building will include 19,244 gross square feet on a 0.17-acre corner parcel of land.
DESIRABLE RESIDENTIAL UNITS: The residential units in 112-116 Fabyan Place will offer large 2-Bedroom layouts, which satisfies the high demand for work-force housing in the Newark real estate market.
STRATEGIC LOCATION: The Property is positioned at the signalized intersection of Fabyan Place and Nye Avenue in Newark’s Upper Clinton Hill neighborhood on the outskirts of Newark’s Central Business District. The Property is located along the municipal bus line, is close to Lyons, Clinton, and Springfield Avenues and is convenient to area train stations. The Property also enjoys convenient access to several area colleges, Newark Beth Isreal Medical Center and numerous area retailers and restaurants. The Property benefits from close proximity to the ports of New York and New Jersey and Newark Liberty International Airport. Additionally, the Property is also convenient to the Prudential Center Arena and Sports Illustrated Stadium.
TRANSIT ORIENTED LOCATION: The Property is seconds from Interstate 78 and the Garden State Parkway and enjoys convenient access to other major roadways including (US Routes 9 and 22, Interstates 95 and 280 and NJ Route 21) with direct access to Manhattan, Staten Island, and all of New Jersey. The Property is also within walking distance of several municipal bus stops, and is convenient to Newark-Penn Station, Union Train Station, and Newark Liberty International Airport Train Station.
SIGNIFICANT HIGHER EDUCATION PRESENCE: The Property is close to several colleges and universities including Seton Hall University, Seton Hall Law School, Rutgers University Newark Campus, the New Jersey Institute of Technology, and Essex County College.
AREA ECONOMIC DRIVER: The Property is 1-mile from Newark Beth Isreal Medical Center, 2.4-miles from University Hospital and enjoys close proximity to Newark’s Central Business District. The area also benefits from its position on Newark Bay as the city’s waterfront is an integral part of the Port of New York and the Port of New Jersey. The area also is home to Newark Liberty International Airport, one of the busiest airports in the country.
SEPARATE UTILITIES: Each unit will be separately metered for electricity, heat, and hot water which the tenants pay directly.
STRONG DEMOGRAPHICS: Over 67,400 people live within a mile of the Property with an average household income of $68,068. An impressive 387,700 people live within 3-miles of the Property with an average household income of $90,830. Additionally, there are approximately 117,800 employees within 3-miles of the Property.
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