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    31 Oak St Salem, NJ 08079

    Sponsored
    For Sale
    $280,000

    Historic School Building, Redevelopment Opportunity

    Property size:
    6,325 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 6,325 square foot, two-story brick school building presents a unique redevelopment opportunity in Salem, New Jersey. Situated on a 0.52-acre lot (with potential for subdivision), the property features 11 rooms, 4 restrooms, an office, and a boiler room. Currently zoned R-1, the building offers ample space for various adaptive reuse projects. The property includes 24 surface parking spaces, providing a 3.8:1,000 sq ft ratio. Built in 1940, the structure boasts average condition and quality, with concrete block construction, a tar and gravel roof, and a poured concrete slab foundation. The building's mechanical systems include a gas-fired boiler with radiant heat and window air conditioning units. The interior features drywall and concrete block walls, acoustical tile and drywall ceilings, and metal doors with glass. The property is currently tax-exempt

    Property Features for 31 Oak St

    General Information

    Property type
    Schools
    Square Feet
    6,325 SF
    Lot Size
    22,651 SF

    Building Details

    Year Built
    1940
    Stories
    2

    HighLights

    • 6,325 SF two‑story brick building in Salem, NJ, offering redevelopment potential.
    • 0.52‑acre lot with potential for subdivision.
    • 11 rooms, 4 restrooms, office, and boiler room; currently zoned R‑1.
    • 24 surface parking spaces (3.8:1,000 sq ft ratio).
    • 1940 construction; average condition; concrete block, tar & gravel roof, poured concrete slab foundation.
    Property Profile Location Intelligence

    Current Use by Public Records

    St Mary's School School

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Salem
    State
    New Jersey
    Longitude
    -75.4715674
    Latitude
    39.5706193

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    FAQs

    What type of property is this?
    School - Historic School Building, Redevelopment Opportunity
    Where is this school located?
    The property is located at 31 Oak St Salem, NJ.
    What is the asking price?
    The asking price for this property is $280,000.
    What are key features of this property?
    This property features: 6,325 SF two-story brick building in Salem, NJ, offering redevelopment potential.; 0.52-acre lot with potential for subdivision.; 11 rooms, 4 restrooms, office, and boiler room; currently zoned R-1.
    Request Owner's contact information
    31 Oak St Salem, NJ 08079
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    Salem, NJ 08079
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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
    31 Oak St Salem, NJ 08079
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