Remarks

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.

Details

MLS#: 3977346
Price: $1,299,000

Sq Ft: 3779
Year Built: 2024

County: Essex
Lot Size: 25X100