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$ 1,099,000
Est. payment /mo
Price Dropped by $200K
549 S Orange Ave Newark City, NJ 07103
3,779 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 3,779 sqft
Price per Sqft $290
MLS Listing ID 3977346
Year Built 2024
Tax Year 2024
Lot Size 2,613 Sqft
Property Sub-Type Mixed Use
Property Description
Exceptional investment opportunity in the heart of Newark. This newly constructed 3-story mixed-use building features three residential units and two ground-floor commercial spaces a retail unit (1,132 SF) and an office unit (511 SF). All three apartments are currently leased at $2,300/month each on 3-year leases expiring in 2027, offering stable, in-place cash flow. The commercial units are presently owner-occupied on a month-to-month basis, allowing for flexible occupancy or immediate leasing upside. Both spaces will also be actively marketed for lease, making this a prime opportunity for investors, owner-users, or hybrid retail/residential operators.The property benefits from a valuable 5-year tax abatement, with reduced property taxes structured as follows: Year 1 " 0%, Year 2 " 20%, Year 3 " 40%, Year 4 " 60%, and Year 5 " 80% of full taxes. Located along the South Orange Avenue corridor, this asset is well positioned for long-term growth with convenient access to major highways, public transportation, and Newark's institutional and residential hubs. A rare chance to acquire a turnkey building with strong rental income and immediate commercial upside.
Location
State NJ
County Essex
Zoning C-2
Interior
Heating Gas-Natural
Cooling Central Air
Equipment Fire Alarm, Intercom, Smoke Detector, Sprinkler System
Heat Source Gas-Natural
Exterior
Exterior Feature Brick/Block, Vinyl Siding
Utilities Available All Underground, Electric, Gas-Natural
Roof Type Asphalt Shingle
Building
Lot Description Level Lot
Story 3
Sewer Public Sewer
Water Public Water
Others
Ownership Fee Simple
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Listed by FLOROSTONE REALTY INC.
