For Sale
$2,250,000

233-239 Oliver StNewark, NJ 07105

24-unit apartment building, approved plans.

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional investment opportunity presents three contiguous vacant lots totaling 233-239 Oliver Street in Newark, New Jersey's vibrant Ironbound district. Currently used as employee parking, these fenced lots are zoned MX-1, allowing for both commercial and residential development. Remarkably, approved plans are already in place for a four-story building comprising 24 residential units. The proposed building design includes a mix of unit sizes to cater to diverse renter needs: three studios, twelve one-bedroom units, and nine two-bedroom units. Adding to the property's appeal is a planned 19-space parking garage situated beneath the building, providing ample parking for residents. The asking price for this turnkey development opportunity is $2,250,000. This presents a unique chance to capitalize on the strong rental market in Newark, New Jersey, with a project ready to commence construction based on the existing approved plans. The property's location in the Ironbound district offers convenient access to transportation, amenities, and a thriving community. Don't miss this chance to acquire a high-potential multifamily development project in a desirable location.

Highlights

  • $2,250,000 asking price for a multifamily apartment building.
  • Located at 233-239 Oliver St, Newark, NJ 07105 in the Ironbound district.
  • Three vacant, paved lots currently used as employee parking.
  • Zoned MX-1, allowing for commercial and residential development.
  • Approved plans for a 24-unit, 4-story building (3 studios, 12 one-bedrooms, 9 two-bedrooms) with a 19-space underground parking garage.

Property Details for 233-239 Oliver St

Property type
Apartment buildings

Location Insight

City
Newark
County
Essex
State
New Jersey
Latitude
40.72318
Longitude
-74.163127
233-239 Oliver St, Newark, New Jersey

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233-239 Oliver St
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