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    645 Magnolia Ave Elizabeth, NJ 07206-1407

    Sponsored
    For Sale
    $600,000

    Restaurant & Apartments, Prime Location

    Property size:
    5,600 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional commercial property, located at 645 Magnolia Ave, Elizabeth City, NJ 07206-1407, presents a unique investment opportunity. The 5,600 square foot lot features a thriving restaurant with a seating capacity of 75 patrons. All appliances, fixtures, furniture, and refrigeration units are included in the sale price of $600,000. Adding to the property's value are two fully renovated, two-bedroom apartments situated on Trumbull Street. These apartments underwent a complete renovation in 2006. The property benefits from its strategic corner location at the intersection of Magnolia Avenue and Trumbull Street, in a rapidly developing area of Elizabeth City. This mixed-use building offers a blend of established commercial income and residential rental potential. The property's prime location and existing infrastructure make it an ideal investment for both seasoned and aspiring entrepreneurs. This is a turnkey operation, ready for immediate occupancy and income generation. The property is classified as Special Purpose Land and is zoned for commercial use. This presents a rare opportunity to acquire a well-established business with significant upside potential in a vibrant and growing community. The property's size and configuration offer flexibility for future expansion or redevelopment, aligning with the ongoing revitalization of the surrounding neighborhood.

    Property Features for 645 Magnolia Ave

    General Information

    Property type
    Land
    Square Feet
    5,600 SF

    HighLights

    • $600,000 asking price.
    • 5,600 square foot lot.
    • Located at 645 Magnolia Ave, Elizabeth, NJ 07206‑1407.
    • Commercial land zoned for special purpose use.
    • Includes a three‑unit mixed‑use building with a 75‑seat restaurant and two renovated two‑bedroom apartments.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Elizabeth
    County
    Union
    State
    New Jersey
    Longitude
    -74.1940345
    Latitude
    40.6611824

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    FAQs

    What type of property is this?
    Land - Restaurant & Apartments, Prime Location
    Where is this land located?
    The property is located at 645 Magnolia Ave Elizabeth, NJ.
    What is the asking price?
    The asking price for this property is $600,000.
    What are key features of this property?
    This property features: $600,000 asking price.; 5,600 square foot lot.; Located at 645 Magnolia Ave, Elizabeth, NJ 07206-1407.
    Request Owner's contact information
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    Elizabeth, NJ 07206-1407
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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
    645 Magnolia Ave Elizabeth, NJ 07206-1407
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