31 OAK STREET, Salem, NJ 08079

This two-story brick school facility features 11 rooms, 4 restrooms, an office, and a boiler room. The building has a gross building area of 6,325 square feet and a floor plate of 3,163 square feet. Built in 1952, the property is of average quality and condition. Construction features include a concrete block foundation and framing, brick exterior walls, and a slight pitch tar and gravel roof. Insulation is assumed to be standard and to code for both walls and ceilings. The heating system is a gas-fired boiler with radiant heat, and air conditioning is provided by window units. Lighting consists of fluorescent and incandescent fixtures. Interior walls are constructed of drywall and concrete block, with acoustical tile and drywall ceilings. Windows are glass in aluminum frames, and doors are metal with glass in metal frames. The site currently has 38,700 square feet of land area, and the owner will seek approval for a subdivision upon securing a buyer. The new parcel will include the school and a parking lot, totaling 22,521 square feet. The parking area accommodates 24 surface spaces, with a ratio of 3.8 spaces per 1,000 square feet of net rentable area. The site coverage ratio is 14.0%, and the land to building ratio is 3.6:1. The seller requests limited shared use of the parking lot on Sundays and certain special days. The property is located in Flood Zone X, outside the 100 and 500-year floodplains. The property is presently tax exempt. Assuming a buyer would use the property for some non-tax exempt purpose and the post subdivision total assessment would be $200,000 the estimated real estate tax would be $14,138.