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$ 1,400,000
Est. payment | /mo
10,018 Sqft Lot
$ 1,400,000
Est. payment | /mo
10,018 Sqft Lot
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 3978065
HOA Y/N No
Annual Tax Amount $20,491
Tax Year 2024
Lot Size 10,018 Sqft
Property Description
Prime Development Opportunity ? Mixed-Use Site with Approved PlansAn exceptional investment opportunity awaits with this approved development site in a thriving urban location. This property is fully entitled for the construction of a mixed-use apartment building, featuring 24 residential units and one ground-floor commercial space?perfectly suited for today?s demand for walkable, community-focused living. The current structure on the lot is generating a Gross Operating Income (GOI) of approximately $100,000 annually, offering income potential during pre-construction planning. However, the building will need to be demolished to make way for the approved project.Investors and developers will benefit from a 5-year tax abatement, significantly reducing carrying costs and enhancing ROI. Importantly, this project is not designated as affordable housing, allowing for full market-rate rental opportunities. With plans in place, income-producing status, and development-ready approvals, this is a rare turnkey opportunity in a high-growth area.
Location
State NJ
County Essex
Zoning B-G
Interior
Inclusions Commercial/Industrial, Garage
Building
Lot Description Level Lot
Sewer Public Sewer on Property
Water Public Water on Property
Others
Senior Community No
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Listed by SIGNATURE REALTY NJ