Remarks

Discover this exceptional income-producing commercial property situated prominently at the corner of Elm Street and Pacific Street in the heart of the vibrant Ironbound section of Newark. Located just 3 minutes from the Prudential Center and 5 minutes from Newark Penn Station, this mixed-use building offers unparalleled convenience and accessibility. The property features 10 total units, including 8 luxury residential apartments and 2 commercial storefronts. The residential layout includes one 1-bedroom, four 2-bedroom, and three 3-bedroom high-end apartments, all thoughtfully designed to appeal to discerning tenants. Each residential unit boasts an open-concept layout, seamlessly connecting the living room and eat-in kitchen, featuring sleek quartz countertops. These units also offer spacious bedrooms, modern bathrooms, and the convenience of an in-unit washer and dryer, with central air and forced hot air throughout. The ground floor hosts two well-established businesses: a charming flower shop and a popular restaurant, providing steady commercial income and neighborhood foot traffic. With modern finishes, a prime location, and high rental demand, this building presents a rare chance to own a well-maintained, turn-key property in one of Newark's most desirable neighborhoods. This is a perfect opportunity for investors looking for both appreciation and consistent rental income.

Details

MLS#: 3964131
Price: $3,900,000

Sq Ft: 5800
Year Built: 1930

County: Essex
Lot Size: 35X70.6
Tax Fee: 28522