163 Park StEast Orange, NJ 07017

Property Details for 163 Park St

Year built

1940

Property size (Sq ft)

9,496 SF

Property type

Warehouses

Property subtype

Retail properties

Description

This exceptional mixed-use investment opportunity in East Orange, New Jersey, presents a compelling value-add proposition. Located at 159 & 163-167 N Park St, this property encompasses two buildings totaling 9,496 square feet on a sizable 12,720 square foot lot. The property is zoned IND-1 District (Mixed Industrial/Commercial), offering flexibility for various uses. Currently configured as a multi-tenant property with twelve units, including apartment building space, storefront retail, and warehouse space, it boasts significant upside potential due to below-market rents. Built in the 1940s, the property offers a strong foundation for renovation and repositioning. The current Net Operating Income (NOI) is $110,000, yielding a 6.47% capitalization rate at the asking price of $1,700,000. The property includes a buildable lot at 159 N Park St, adding further development possibilities. This gross lease property presents a unique chance to acquire a well-located, multi-faceted asset in a growing market. The property's diverse income streams and substantial lot size make it an ideal investment for owner-users seeking to capitalize on the current market conditions and future growth prospects. This is a rare opportunity to acquire a mixed-use property with significant upside potential in a desirable location.

Location Insight

City

East Orange

County

Essex

State

New Jersey

Latitude

40.7822

Longitude

-74.2187

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