449-451 Washington AveBelleville, NJ 07109

Property Details for 449-451 Washington Ave

Year built

1961

Construction

BRICK

Lot size

0.12 AC

Property size (Sq ft)

4,224 SF

Property type

Residential income homes

Property subtype

Small apartment buildings

APN

01 07906-0000-00005

APU

107906000000005

Description

This exceptional 473-square-foot traditional office condo, located at 449-451 Washington Ave, Belleville, NJ 07109, presents a unique investment opportunity. Built in 1959 and completely renovated in 2024, this single-tenant space boasts a modern and functional layout. The property features a convenient kitchen and a full bathroom, enhancing its practicality and appeal. The interior is divided into two distinct office spaces, providing flexibility for various professional uses. Central air conditioning ensures year-round comfort. The property's location offers unparalleled access to major transportation hubs, including convenient routes to New York City, Newark Airport, Newark Penn Station, and Rutgers University. Its versatility makes it ideal for a range of professional uses, such as an accountant's office, storage facility, doctor's office, or law office. This move-in ready space combines the benefits of a modern renovation with a highly desirable location, making it an attractive proposition for discerning buyers. The property is vacant and ready for immediate occupancy. This is a rare opportunity to acquire a well-appointed, conveniently located office space in a thriving New Jersey community.

• CAP approach

  CAP return

  Valuation

  6%

  $968,437

  6.5%

  $893,942

  7%

  $830,089

• Comparable approach

  Method

  Valuation

  Relative Method

  $645,732

  Geo Method

  $645,732

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $1,438,350

  Retail / Commercial

  $737,581

  Mixed-Use / Specialty

  $734,951

  Hospitality / Lodging

  $539,210

  Office

  $730,585

  Institutional / Educational

  $764,053

  Multifamily

  $1,072,150

  Automotive / Energy

  $654,903

  Parking / Income-Based Land

  $225,999

  Restaurant / Food Service

  $382,254

  Healthcare / Senior Housing

  $753,679

Location Insight

City

Belleville

County

Essex

State

New Jersey

Latitude

40.796

Longitude

-74.1493

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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