431- Ave Boonton, NJ 07005

Property Details for 431- Ave

Property size

1 SF

Property type

Apartment buildings

Description

This exceptional multifamily investment opportunity in Bayonne, New Jersey, presents a rare chance to acquire a 13-unit apartment building situated on two lots (Lots 20 & 21) totaling 50 x 100 feet at 431-433 Avenue C, zip code 07005. The property, currently zoned C-1 Neighborhood Commercial District, offers significant upside potential. The building features a mix of commercial and residential spaces. The ground floor houses two commercial tenants, while the second floor comprises two residential apartments: a one-bedroom, one-bathroom unit and a larger two-bedroom, one-bathroom unit. Additionally, there are three separate garages on the property. All units and garages are currently occupied on a month-to-month basis. The property boasts a full walk-out basement. Heating and cooling systems include window air conditioning, baseboard, electric, gas, and hot water. The building's exterior is a blend of brick, stone, and stucco, characteristic of a multi-level row house style. The property includes three or more attached garage parking spaces. Its prime location offers easy access to ShopRite, various shops, restaurants, the light rail, and bus routes, directly in front of the building. The C-1 zoning allows for a diverse range of permitted uses, including residential, commercial, professional, retail, business, medical office, salon & spa, church, clubs, coffee shop, and restaurant. This presents the opportunity to either maintain the existing setup or pursue significant redevelopment. Options include constructing a three-story multi-residential building or, with a variance, a five-story residential building accommodating 13 or more units. Zoning regulations allow for 60% lot coverage, with units potentially reaching 600 square feet and a maximum of two bedrooms. The parking requirement is 1.25 spaces per two-bedroom apartment. A virtual tour is available online. Asking price is $1,299,800.