282 Belleville Avenue
Multifamily | 9 Units | $180,556/unit
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase 282 Belleville Avenue in Belleville, New Jersey (“the Property”). The Property consists of a two-story building containing nine (9) residential units comprised of three (3), 2-Bedroom/1-Bathroom units and six (6), 1-Bedroom/1-Bathroom units with 7,224 square feet of living area on a 0.13 acre parcel. The Property also includes an on-site laundry facility, and one of the units also has a designated parking space. The Property is strategically located at the intersection of Belleville Avenue (NJ Route 506) and Cedar Hill Avenue in a densely populated residential neighborhood.
The Property enjoys close proximity to Washington Avenue and Franklin Avenue, two of the area’s primary commercial corridors. 282 Belleville Avenue is 1.7 miles from the Branch Brook Park Newark Light Rail Station and 2.5 miles from the Bloomfield Train Station with direct service to Manhattan’s Penn Station. The Property also offers convenient access to the Garden State Parkway, NJ Route 21, and Interstate 280 as well as area schools, national retailers, and the Clara Maass Medical Center.
Belleville is a residential suburb of New York City, located in Essex County. The community is 16-miles west of New York City.
Investment highlights
CONVENIENT LOCATION
The Property is situated at the intersection of Belleville Avenue (NJ Route 506) and Cedar Hill Avenue across the street from Belleville Park. The Property is close to Washington Avenue and Franklin Avenue, two of the area’s primary commercial corridors. The Property provides easy access to local and national retailers (Stop & Shop, Super-Fresh Food World, ALDI, Marshalls, Walgreens) and restaurants (McDonald’s, Chipotle, Wendy’s, Popeye’s) in the area, as well as numerous schools and the Clara Maass Medical Center.
TRANSIT ORIENTED LOCATION
282 Belleville Avenue is 1.7-miles from the Branch Brook Park – Newark Light Rail Station and 2.5-miles from the Bloomfield Train Station connecting the area with midtown Manhattan (Penn Station). The Property also benefits from its proximity to numerous interstates and state highways, The Garden State Parkway (1.5-miles), NJ Route 21 (0.75-miles), Interstate 280 (3.2-miles), and numerous municipal bus lines (0.1-miles).
UPSIDE POTENTIAL
In-place leases are significantly below market rates; the opportunity exists to upgrade the unrenovated unit interiors to drive rental rates in an urban-infill, high demand/ supply-constrained residential market.
DESIRABLE RESIDENTIAL UNITS
The residential units offer large, spacious one- and two-bedroom layouts and are individually metered for electricity. The Property offers convenient access to area shopping, schools, and municipal parks (Belleville Park, Branch Brook Park and two golf courses). The Property has enjoyed a strong residential operating history over the years.
STRONG DEMOGRAPHICS
Over 43,100 people live within 1-mile of the Property with an average household income of $105,106. An impressive 335,500 people live within 3-miles of the Property with an average household income of $115,702. Additionally, there are more than 75,900 employees within 3-miles of the Property.
TRAFFIC COUNTS
Approximately 18,400 vehicles pass by the Property each day at the intersection of Belleville Avenue and Garden Avenue.
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