163 Park St East Orange, NJ 07017
- Retail space
- 9,496 SF
Current Use by Public Records
- Smiling Babies Family Day Care / Day Care Center
- Master Pro Gutters And Siding / Roofing Contractor
- Girl on the Go / Contractor
- The Secret Brotique / Clothing Store
Property Details for 163 Park St
- Year built
- 1940
- Property size
- 9,496 SF
- Property type
- Retail space
- Property subtype
- Storefront properties
Description
This exceptional mixed-use investment opportunity in East Orange, New Jersey, presents a compelling value-add proposition. Located at 159 & 163-167 N Park St, this property encompasses two buildings totaling 9,496 square feet on a sizable 12,720 square foot lot. The property is zoned IND-1 District (Mixed Industrial/Commercial), offering flexibility for various uses. Currently configured as a multi-tenant property with twelve units, including apartment building space, storefront retail, and warehouse space, it boasts significant upside potential due to below-market rents. Built in the 1940s, the property offers a strong foundation for renovation and repositioning. The current Net Operating Income (NOI) is $110,000, yielding a 6.47% capitalization rate at the asking price of $1,700,000. The property includes a buildable lot at 159 N Park St, adding further development possibilities. This gross lease property presents a unique chance to acquire a well-located, multi-faceted asset in a growing market. The property's diverse income streams and substantial lot size make it an ideal investment for owner-users seeking to capitalize on the current market conditions and future growth prospects. This is a rare opportunity to acquire a mixed-use property with significant upside potential in a desirable location.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- East Orange
- County
- Essex
- State
- New Jersey
- Longitude
- -74.218681791449
- Latitude
- 40.78215110865
