549 S Orange Ave Active Save Request In-Person Tour Request Virtual Tour
Newark City,NJ 07103
Key Details
Property Type Single Family Home
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 3,779 sqft
Price per Sqft $343
MLS Listing ID 3977346
Year Built 2024
Tax Year 2024
Lot Size 2,613 Sqft
Property Sub-Type Mixed Use
Property Description
Exceptional investment opportunity in the heart of Newark. This newly constructed 3-story mixed-use building features three residential units and two ground-floor commercial spaces ? a retail unit (1,132 SF) and an office unit (511 SF). All three apartments are currently leased at $2,300/month each on 3-year leases expiring in 2027, offering stable, in-place cash flow. The commercial units are presently owner-occupied on a month-to-month basis, allowing for flexible occupancy or immediate leasing upside. Both spaces will also be actively marketed for lease, making this a prime opportunity for investors, owner-users, or hybrid retail/residential operators.The property benefits from a valuable 5-year tax abatement, with reduced property taxes structured as follows: Year 1 ? 0%, Year 2 ? 20%, Year 3 ? 40%, Year 4 ? 60%, and Year 5 ? 80% of full taxes. Located along the South Orange Avenue corridor, this asset is well positioned for long-term growth with convenient access to major highways, public transportation, and Newark?s institutional and residential hubs. A rare chance to acquire a turnkey building with strong rental income and immediate commercial upside.
Location
State NJ
County Essex
Zoning C-2
Interior
Heating Gas-Natural
Cooling Central Air
Equipment Fire Alarm, Intercom, Smoke Detector, Sprinkler System
Heat Source Gas-Natural
Exterior
Exterior Feature Brick/Block, Vinyl Siding
Utilities Available All Underground, Electric, Gas-Natural
Roof Type Asphalt Shingle
Building
Lot Description Level Lot
Story 3
Sewer Public Sewer
Water Public Water
Others
Ownership Fee Simple