866 Orange Ave Newark, NJ 07106

This exceptional redevelopment opportunity presents a 5,366.3 sq ft lot in Newark, New Jersey, zoned C-2 Community. Approved plans exist for a four-story mixed-use building encompassing 15 residential units and one commercial unit on the ground floor. However, updated Newark City zoning ordinances (November 2023) now permit a significantly expanded project, allowing for 26 residential units and one commercial unit. The property is situated in Newark's West Ward at 866 S Orange Ave, 07106. A Phase I Environmental assessment is complete. The asking price is $599,000. Note that the buyer is responsible for obtaining all necessary construction plans and permits from the City of Newark to proceed with the development. This presents a unique chance to capitalize on Newark's growth and create a substantial mixed-use property. The private ownership and approved plans minimize initial hurdles, making this an attractive investment for experienced developers.