$600,000
48 Elm Rd Newark City, NJ 07105
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$600,000
Est. payment /mo
7 Beds
7 Baths
3,339 SqFt
UPDATED:
09/25/2024 12:53 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 3,339 sqft
Price per Sqft $179
MLS Listing ID 3923989
Style 3-Three Story
Bedrooms 7
Full Baths 7
Annual Tax Amount $9,707
Tax Year 2023
Lot Size 3,049 Sqft
Property Description
Discover an exceptional development opportunity at 48 Elm Rd in the sought-after Ironbound section of Newark, NJ. This property comes with city-approved plans for transforming the existing commercial office space into a modern boutique three-family residence. The approved plans include a spacious 2,160-square-foot garage on the ground floor, complemented by an additional 365-square-foot outdoor patio area. The second floor features two units: Unit 201, a 2-bedroom, 2-bathroom apartment totaling 845 SF, and Unit 202, another 2-bedroom, 2-bathroom unit with 797 SF. The third floor boasts a luxurious 3-bedroom, 3-bathroom apartment with a den, office, living room, kitchen, and terrace spanning 1,697 SF. Key features of the development include Garage: On-site parking for 3 cars. Elevator: Convenient access from the ground floor to the rooftop. Rooftop Garden Lounge: A deck that can accommodate up to 20 people. High-End Finishes: Hardwood floors, central AC, energy-efficient lighting, and brand-new appliances in each unit. In-unit laundry: Each apartment includes a washer/dryer for added convenience. Private financing for acquisition and construction is available upon request. Whether you build and hold or sell the completed units, this project presents a promising opportunity for significant returns on investment. Located just minutes from Newark Penn Station, with easy access to NY Penn Station, it is a prime choice for developers ready to capitalize on the area's growth.
Location
State NJ
County Essex
Interior
Heating See Remarks
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Exterior
Exterior Feature See Remarks
Garage Built-In Garage
Garage Spaces 3.0
Roof Type See Remarks
Building
Architectural Style 3-Three Story
Others
Senior Community No
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Listed by COMPASS NEW JERSEY LLC
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Garima Verma
Broker / Owner | License ID: 1859462
Broker / Owner License ID: 1859462