For Sale
$599,000

866 Orange Ave Newark, NJ 07106

Prime Newark location, redevelopment potential.

Overview

Added:
Dec 11, 2024
Days on market:
136
This exceptional redevelopment opportunity presents a 5,366.3 sq ft lot in Newark, New Jersey, zoned C-2 Community. Approved plans exist for a four-story mixed-use building encompassing 15 residential units and one commercial unit on the ground floor. However, updated Newark City zoning ordinances (November 2023) now permit a significantly expanded project, allowing for 26 residential units and one commercial unit. The property is situated in Newark's West Ward at 866 S Orange Ave, 07106. A Phase I Environmental assessment is complete. The asking price is $599,000. Note that the buyer is responsible for obtaining all necessary construction plans and permits from the City of Newark to proceed with the development. This presents a unique chance to capitalize on Newark's growth and create a substantial mixed-use property. The private ownership and approved plans minimize initial hurdles, making this an attractive investment for experienced developers.

Highlights

  • $599,000 asking price.
  • Multifamily, mixed-use, land property.
  • C-2 Community zoning.
  • 5,366.3 sq ft lot size.
  • Approved plans for a 4-story building with 26 residential units and 1 commercial unit.
  • Phase I environmental completed.

Property Details for 866 Orange Ave

Property type
Mixed-use properties, Land

Location Insight

City
Newark
County
Essex
State
New Jersey
Latitude
40.7454735
Longitude
-74.22386359

FAQs

What type of property is this?
Mixed-use property - Prime Newark location, redevelopment potential.
Where is the mixed-use property located?
The property is located at 866 Orange Ave Newark, NJ.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: $599,000 asking price.; Multifamily, mixed-use, land property.; C-2 Community zoning.
How can I contact the broker?
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866 Orange Ave
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