East Orange Redevelopment
For Sale
Contact for pricing
404 Central Ave, East Orange, NJ 07018
Two lots ideal for commercial or mixed-use redevelopment.
Property Size10,000 SF
Lot Size0.39 Acres
Price / SF$175
Days on Market1211
Property Features for 404 Central Ave
General Information
Standard status
Active
Size
10,000 SF
Lot size
0.39 Acres
Property subtype
Retail, Multifamily, Mixed Use
Zoning
CAE/CAC - Central Ave Commercial District
Occupancy
70%
Investment Type
Redevelopment
Building Details
Year Built
1930
Units
12
Tenancy
Multi
Listing Agency:
KW Commercial
Listed By:
Marcos Claudius, CCIM · License #1645747
(973) 783-7400
Source:
Crexi
Added: Jun 21, 2023
Changed: Aug 17
Last Checked: Aug 14 at 5:59AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KW Commercial
Investment Insights
Based on property information with market context.
Two lots, identified as Block 510, Lots 29 & 30, are available for sale, either together or separately. The zoning is CAE/CAC, making them suitable for the redevelopment of a larger commercial or mixed-use asset. A zoning analysis indicates the potential for a five to seven-story mixed-use building without variances, with a typical floor size of 10,000 square feet. Architectural recommendations suggest a 48,000 square foot five or six-story mixed-use building. This could include retail space and parking on the ground level, with 37 to 45 residential units and amenities on the upper levels. The assemblage of lots 29 and 30 would yield approximately 17,001 square feet, or 0.39 acres. The property is sold in AS IS condition. Existing structures can be renovated if there is no interest in new development. Proposed parking includes 37 spaces. The unit mix could include sixteen 1-bedroom units at 715 square feet, twelve 2-bedroom units at 1099 square feet, and nine 3-bedroom units at 1419 square feet, along with 2250 square feet of retail space.
Key Highlights
- Zoned CAE/CAC, ideal for commercial or mixed‑use redevelopment.
- Potential for a five to seven story mixed‑use building without variances.
- Assemblage of both lots yields approximately 17,001 SF (0.39 acres).
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$138,000
Cap Rate
7.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,760,000
$2.8M
Cap Rate 7%
$1,971,429
$2.0M
Cap Rate 9%
$1,533,333
$1.5M
Market Conditions
NOI Build-Up for 10,000 SF
Gross rent
$240.0K $24.00/SF
− Vacancy
−$19.2K −$1.92/SF
EGI
$220.8K $22.08/SF
− OpEx
−$82.8K −$8.28/SF
NOI
$138.0K $13.80/SF
Area
Essex County, NJ
Vacancy
8.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,760,000
Cap Rate 7%
$1,971,429
Cap Rate 9%
$1,533,333
Alternative Uses
Best Use
Mixed Use
$1.97M
$1.73M – $2.30M
NOI $138,000 @ 7.0% cap · market cap 7.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.61M
$2.28M – $3.05M
NOI $182,784 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,261
Businesses Nearby
Explore this area
Business Placement
Demographics for 07018, NJ
30,429
Population
13,107
Households
2.3
Avg Household Size
36
Median Age
25%
College-Educated
86%
High-School Grad
1.7 sq mi
ZIP Area
17,899
Density / Sq Mi
$59,039
Median Household Income
$39,630
Median Earnings
$1,410
Median Rent
$314,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
What type of property is this?
Commercial land - Two lots ideal for commercial or mixed-use redevelopment.
Where is this commercial land located?
The property is located at 404 Central Ave East Orange, NJ.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Zoned CAE/CAC, ideal for commercial or mixed‑use redevelopment.; Potential for a **five to seven story mixed‑use building** without variances.; Assemblage of both lots yields approximately 17,001 SF (0.39 acres).
