247 Elm Ave, Rahway, NJ 07065-3220
- Commercial real estate
- 2,516 SF
- 0.31 lot acres
Current Use by Public Records
- Jones Funeral Home / Social Service Agency
Property Details for 247 Elm Ave
- Year built
- 1920
- Construction
- FRAME
- Lot size
- 0.31 lot acres
- Property type
- Commercial real estate
- APN
- 13 00151-0000-00003
- APU
- 1300151000000003
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Oct 2, 2023 | — | Allen D Jones | Allen D Jones | Intrafamily Transfer · related | — |
| Jan 4, 1995 | $120,000 | Allen Jones | Jones,allen | Grant Deed · related | — |
| Nov 23, 1994 | $120,000 | Allen Jones | Jones,allen | Grant Deed · related | — |
Description
This exceptional mixed-use property, located at 247 Elm Ave in Rahway, NJ, presents a unique investment opportunity. The 3,650 square foot building sits on a 0.1-acre lot and is currently configured as a funeral home, offering significant potential for various commercial uses. The property features two distinct units. The ground floor commercial space encompasses approximately 1692 square feet above grade, including a large office, hallway leading to a viewing area and chapel, and a half bath. A finished basement adds further usable space, featuring two rooms, a half bath, and a utility room. Recent updates include a new direct hot water heater and two furnaces, along with mini-split heating and cooling systems on the first floor. Above the commercial space, a spacious residential unit spans the second and third floors, totaling approximately 1961 square feet. The second floor includes a living room, a large eat-in kitchen, two bedrooms, and a full bath. The third floor offers an additional living room, a bedroom, a storage area, and a full bath. Exterior features include a two-car garage, a parking lot, a wheelchair ramp, and attractive landscaping. The property is offered at $725,000. The business operating within the building is available for separate purchase under separate MLS listings.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $370,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $555,000
- 6.5%
- $510,000
- 7%
- $475,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $709,000
- AI Estimate
- $497,000
Market price range: $261k - $710kMarket price range: $136k - $500k -
Alternative Use
- Use
- Estimation
- COMMERCIAL (GENERAL)
- $470,000 Current use
- OFFICE BUILDING
- $515,000 Change: +9% Conversion: Easy
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Rahway
- County
- Union
- State
- New Jersey
- Longitude
- -74.281
- Latitude
- 40.6083
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
