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    573 Central Ave Newark, NJ 07107

    For Sale
    Contact for pricing

    0.29-acre lot, R1 zoning, high traffic.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    365
    This exceptional 0.29-acre commercial land parcel presents a unique investment opportunity in Newark, New Jersey. Located at 573-581 Central Avenue, this property boasts a prime corner location with a traffic light, ensuring high visibility and accessibility. The lot is designated Block 1859, Lot 32, and is conveniently situated across from a NJ Transit bus stop (Route 5, servicing East Orange – Newark Penn Station), providing easy access to public transportation. The surrounding area is vibrant, with numerous amenities including restaurants, salons, UPS, Walgreens, and the NJ Motor Vehicle Commission. The property's R1 zoning allows for residential development above commercial space, offering significant potential for mixed-use development. Currently vacant, this site offers a clean slate for a new construction project. The 2022 property taxes were $3,734. This is an exceptional opportunity to acquire a strategically located commercial lot in a thriving area with excellent visibility and access to public transportation. Don't miss this chance to build your vision in a high-demand location.

    Property Features for 573 Central Ave

    General Information

    Property type
    Land
    Lot Size
    12,632 SF

    HighLights

    • 0.29‑acre commercial lot in Newark, NJ.
    • Block 1859, Lot 32.
    • Corner lot with traffic signal on Central Avenue.
    • Across from NJ Transit bus stop (Route 5).
    • Nearby amenities include restaurants, salons, UPS, Walgreens, and the NJ MVC.
    • R1 zoning allows mixed‑use development.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Newark
    County
    Essex
    State
    New Jersey
    Longitude
    -74.1983289
    Latitude
    40.7498343

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    FAQs

    What type of property is this?
    Land - 0.29-acre lot, R1 zoning, high traffic.
    Where is this land located?
    The property is located at 573 Central Ave Newark, NJ.
    What are key features of this property?
    This property features: 0.29-acre commercial lot in Newark, NJ.; Block 1859, Lot 32.; Corner lot with traffic signal on Central Avenue.
    (973) 379-6644
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    573 Central Ave Newark, NJ 07107
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