Commercial/Residential Combo Property - Newark,NJ

[Domion Pontrelli]

Please contact Domion Pontrelli by e-mail [email protected] to see executive summary , photos and make an appointment to view.

Overview

Renovation incomplete

Commercial and residential building situated on an approximately 3,010 sq. ft lot.

Located across the street from a newly constructed police station and fewer than three miles away from the

New Jersey Performing Arts Center.

Property Details

The entire building contains 6,473 sq. ft. GBA. • ~2,000 sq. ft. allocated to commercial space • ~4,470 sq. ft. allocated to residential units

Three story walk-up. Commercial units occupy the ground floor and residential units occupy floors two and three (approximately 2,157 sq. ft. per floor).

The property is fully improved and serviced by all municipal utilities that include electric, natural gas, city water, and city sewer.

Renovations are 50% to 60% complete.

The building has been partially refitted with new floor plans.

Major roughing, electrical, plumbing, framing, and building complete.

New sprinkler system is approximately 90% complete.

The exterior of the building has been updated with a new roof, new sidewalk, and a new brick and stucco

facade.

Street parking is available. Once improvement is complete, the rear of the building may accommodate four vehicles.

Located within R-2 and C-1 zones.

R-2 is a one to two family residential zone.

C-1 is a neighborhood commercial zone that allows for small-scale commercial development, residential in

character, that cater to local everyday needs of nearby residents.

Estimated Cost and Projected Value

Purchase Price $550,000

Renovations $ 100,000 to $150,000

Total Cost $650,000 to $700,000

After Repair Value*950,000 *The property was appraised for $900,000 in 2016 by Skyline Realty Appraisal Company, LLC.

Projected Monthly Revenue

Total Monthly Rent...........................................................................................$9,785 Monthly Expenses...........................................................................................$1,718

Monthly Net Rent............................................................................................$8,067