144 Gales Dr New Providence, NJ 07974-2900
R4 Multifamily Residential District. Purpose. The R4 Multifamily Residential District allows for multifamily developments in addition to single- and two-family and townhouse development. The district is located in three clusters throughout the Borough, and is predominantly built-out with post-war, low-rise multifamily developments. Newer multifamily developm…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2022Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
R-4 · New Providence, NJR4 Multifamily Residential District. Purpose. The R4 Multifamily Residential District allows for multifamily developments in addition to single- and two-family and townhouse development. The district is located in three clusters throughout the Borough, and is predominantly built-out with post-war, low-rise multifamily developments. Newer multifamily development occurred in the district in the 2010s along the western side of South Street. Permitted principal uses. Single-family detached dwellings. Two-family dwellings. Townhouses. Multifamily. Essential services. Community Residences/Shelters housing persons with developmental disabilities, victims of domestic violence, the terminally ill, persons with head injuries, consistent with N.J.S.A. 40:55D-66.1. [Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. I)] Permitted accessory uses. Home offices/occupations. Family day care homes. Solar installations. Electric vehicle charging infrastructure. Private recreational buildings and facilities associated with multifamily development. Other uses customary and incidental to the principal use. Conditional uses. Institutional and public uses. Places of worship. Membership/fraternal organizations. Small wind energy systems. Long-term care facility. Bulk standards. All restrictions as set forth in Schedule II of this chapter and as specifically detailed in the following table apply to the R4 Zoning District. Development in the R4 District shall also be subject to the enhanced setbacks and buffering requirements found in § 310-14 and § 310-56 , respectively. R4 Multifamily District Bulk Standards Single-Family Dwelling: Minimum lot area 8,000 square feet Minimum front yard setback 40 feet or the prevailing front yard setback line* of existing dwellings located within 200 feet of the perimeter of the subject lot and located on the same side of the street as the subject lot, whichever is less, but in no event less than 10 feet. Minimum side yard setback One For lots wider than 75 feet, the setback shall be 12 feet and for lots 75 feet wide or less, the setback shall be 8 feet; further, in no event shall any new building or addition be permitted to be closer to any side lot line than 60% of the building's or addition's height, measured pursuant to the definition of "Yard, Side." Both 30% of the lot width Minimum rear yard setback Principal structure 40 feet or 35% of lot depth;
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.