404 Central AveEast Orange, NJ 07018

Exceptional redevelopment opportunity in East Orange, NJ, presents a unique chance to acquire two adjacent lots (0.39 acres total, APN: 05-00510-0000-00030, 05-00510-0000-00029) encompassing a 10,000-60,000 square foot mixed-use property at 404 Central Ave, 07018. Currently featuring a 70% occupied, 12-unit multifamily building with retail space, this property is zoned CAE/CAC (Central Ave Commercial District) and offers significant upside potential. The asking price is $1,750,000, with a current cap rate of 8.90% and a pro-forma cap rate of 10.23%, yielding a pro-forma NOI of $178,958. A zoning analysis suggests the potential for a five to seven-story mixed-use building (up to 48,000 square feet), incorporating retail and parking on the ground floor and approximately 39 residential units with amenities on upper floors. The existing structure was built in 1930. This high-foot-traffic commercial business district location presents a compelling investment opportunity for those seeking to capitalize on the area's growth. The property is owned by a corporation and is ideal for a larger asset commercial or mixed-use redevelopment project. Architectural plans suggest 30 parking spaces, sufficient for the proposed residential units (13 spaces for 1-bedroom units and 14 spaces for 2-bedroom units). The lots are available for sale together or separately.