431 Avenue C Bayonne, NJ 07002

Property Details for 431 Avenue C

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a 4-unit multifamily building situated on a 24.85 x 100 foot lot in Bayonne, New Jersey, at 431 Avenue C, zip code 07002. Currently operating at 100% occupancy, the property features two commercial tenants on the first floor and two residential apartments on the second floor. The first-floor commercial space is complemented by three separate garages. Apartment 1 is a one-bedroom, one-bathroom unit, while Apartment 2 is a larger two-bedroom, one-bathroom unit. All units and garages are currently occupied on a month-to-month basis. The property boasts a full, walk-out basement and features a mix of brick, stone, and stucco exterior finishes. Heating and cooling systems include window A/C units, baseboard, electric, and gas hot water. The property is zoned C-1 Neighborhood Commercial District, offering significant redevelopment potential. Options include maintaining the existing mix of commercial and residential units, or pursuing a variance to convert the ground floor commercial space to residential use, allowing for the construction of a three-story multi-residential building. Further expansion is possible with the purchase of the adjacent vacant lot at 433 Avenue C (MLS #240015180), potentially enabling the construction of a five-story residential building with 13 or more units, subject to zoning regulations. Zoning allows for 60% lot coverage, with units up to 600 square feet and a maximum of two bedrooms. Parking requirements are 1.25 spaces per two-bedroom apartment. The property's convenient location near ShopRite, other shops, restaurants, light rail, and bus routes adds to its appeal. A virtual tour is available.

Location Insight

City

Bayonne

County

Hudson

State

New Jersey

Longitude

-74.1234

Latitude

40.6622