54 Broadway Newark, NJ 07104-2530

Property Details for 54 Broadway

Construction

BRICK

Lot size

0.16 lot acres

Property type

Industrial properties

APN

14 00481-0000-00001

APU

1400481000000001

Description

This exceptional 40,000-square-foot industrial property at 54 Broadway in Newark, New Jersey, presents a compelling investment opportunity. Currently vacant, this Class C, one-building flex space sits on a 15,289-square-foot lot and features a freight elevator. Its prime location offers significant redevelopment potential. The four-story structure is situated in a C-2 zone, eliminating the need for parking. Its proximity to Broad Street Station makes it ideal for transit-oriented development, with as-of-right potential for a 6-8 story mixed-use building. The surrounding area is experiencing a surge in development, fueled by Newark's growing population (a 6.5% increase in the last five years), major employers like Prudential Financial and PSE&G, and educational institutions such as Rutgers and NJIT. The property's location near University Heights, Route 280 & Route 21, and public transportation adds to its appeal. The Lower Broadway neighborhood is undergoing a transformation, with recent Class-A developments nearby. Newark's robust economy, driven by major employers and its strategic location near Port Newark, Newark Penn Station, and Newark International Airport, makes this a high-growth area. This property offers investors the chance to capitalize on Newark's increasing rental rates and demand for living space, making it an attractive investment in a rapidly evolving urban center. The property is currently vacant and ready for immediate development.

Location Insight

City

Newark

County

Essex

State

New Jersey

Longitude

-74.1712

Latitude

40.7519

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments