246 North AveGarwood, NJ 07027

Property Details for 246 North Ave

Year built

1920

Lot size

0.26 AC

Property type

Mixed-use properties

Property subtype

Other retail properties

Description

This exceptional mixed-use property, located at 246 North Ave in Garwood, NJ, presents a compelling investment opportunity. The 6,500 square foot building, constructed in 1920, boasts a two-story design and sits on a 0.26-acre lot. Currently vacant, this multi-tenant property offers a combination of apartment and storefront space, providing diverse income streams. The property features nine parking spaces and is zoned GBD. With a pro-forma NOI of $86,841 and a pro-forma cap rate of 10.22%, this asset offers significant potential for return on investment. The asking price is $850,000. Situated in a rapidly developing area of Union County, this property benefits from its proximity to shopping, dining, schools, and parks, enhancing its appeal to tenants. Excellent access to major highways (Garden State Parkway and I-78) and NJ Transit provides convenient commuting options. Annual property taxes are $19,650, translating to approximately $3.02 per square foot. Garwood's stable and growing economy provides a secure investment environment with potential for long-term appreciation. This is a value-add opportunity with high demand for both residential and commercial rental space in the area.

Location Insight

City

Garwood

County

Union

State

New Jersey

Latitude

40.654

Longitude

-74.3221

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