3706 Park Ave Weehawken, NJ 07086-6018
- Commercial real estate
- 0.06 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 3706 Park Ave
- Lot size
- 0.06 lot acres
- Property type
- Commercial real estate
- APN
- 11 00046-0000-00002
- APU
- 1100046000000002
Description
This exceptional mixed-use property in Weehawken, NJ, presents a compelling investment opportunity. The three-story building, situated on a 0.06-acre lot at 3706 Park Avenue, comprises three units: one ground-floor commercial space currently leased to Chickpea Grill with a lease containing attractive annual rent increases and over four years remaining, and two upper-floor, two-bedroom/one-bathroom residential units. The building benefits from a strong 6.67% cap rate and a substantial net operating income (NOI) of $66,727. Located in the heart of Weehawken, this property enjoys a prime position along Park Avenue, a major retail corridor, within walking distance of Palisade Avenue and Bergenline Avenue. Its convenient access to numerous transportation options, including bus routes (84P, 86, 86E, 89 & 156), the Hudson-Bergen Light Rail, and ferry terminals, coupled with its proximity to major highways (Interstate 95, US Routes 1 & 9, NJ Routes 495 & 3) and the Lincoln Tunnel, ensures excellent accessibility. The property also benefits from high daily traffic counts exceeding 23,200 vehicles at the adjacent intersection and strong pedestrian traffic. Furthermore, the affluent surrounding area boasts impressive demographics, with over 83,800 people residing within a one-mile radius and an average household income exceeding $118,532. Each unit features separately metered utilities (electricity, gas-fired heat, hot water, and domestic water/sewer), with tenants responsible for their respective costs. This property offers a blend of stable income and significant growth potential in a highly desirable location. Asking price: $1,000,000.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $375,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $305,000
- 6.5%
- $300,000
- 7%
- $320,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $285,000
- Geo Method
- $270,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $345,000
- Retail
- $270,000
- Mixed-Use
- $285,000
- Hospitality
- $290,000
- Educational
- $290,000
- Residential Income
- $300,000
- Energy
- $320,000
- Income-Based Land
- $290,000
- Food Service
- $350,000
Location Insight
- Map
- Local Demand
- City
- Weehawken
- County
- Hudson
- State
- New Jersey
- Longitude
- -74.0215
- Latitude
- 40.7723
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
