31 OAK ST, 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 and net rentable area of 6,325 square feet, with a floor plate of 3,163 square feet. Built in 1953, the property has an 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 property is equipped with a gas-fired boiler with a radiant heat system for heating and window units for air conditioning. 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 has a land area of 38,700 square feet. The owner will submit for approval of a subdivision once a buyer is obtained. Subsequent to the proposed subdivision, the new parcel would include only the school and parking lot (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 parking on Sundays and certain special days. The property is located in Flood Zone X, an area determined to be 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.