233-239 Oliver St Newark, NJ 07105
- Apartment buildings
Current Use by Public Records
- Apartment buildings
Property Details for 233-239 Oliver St
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents three contiguous vacant lots totaling 233-239 Oliver Street in Newark, New Jersey's vibrant Ironbound district. Currently used as employee parking, these fenced lots are zoned MX-1, allowing for both commercial and residential development. Remarkably, approved plans are already in place for a four-story building comprising 24 residential units. The proposed building design includes a mix of unit sizes to cater to diverse renter needs: three studios, twelve one-bedroom units, and nine two-bedroom units. Adding to the property's appeal is a planned 19-space parking garage situated beneath the building, providing ample parking for residents. The asking price for this turnkey development opportunity is $2,250,000. This presents a unique chance to capitalize on the strong rental market in Newark, New Jersey, with a project ready to commence construction based on the existing approved plans. The property's location in the Ironbound district offers convenient access to transportation, amenities, and a thriving community. Don't miss this chance to acquire a high-potential multifamily development project in a desirable location.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Newark
- County
- Essex
- State
- New Jersey
- Longitude
- -74.1631
- Latitude
- 40.7232
