Railroad Ave Mahwah, NJ 07430
Statement of Purpose for Rezoning Lots 1B and 3B Block 32 from R20 to GI80: Lot 1B is rezoned to GI80 from R20 predicated upon the Master Plan recommendation of the Planning Board. Lot 1B is adjacent to intensive commercial and industrial land uses fronting on Franklin Turnpike and Cedar Hill Avenue. Lot 1B is denuded and is at a lower grade than most all su…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2023Comparables
6 recent transactions · within 1.5 miComparable in this City
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Property description
Physical attributes from public recordsZoning & alternative use
GI80 · Mahwah, NJStatement of Purpose for Rezoning Lots 1B and 3B Block 32 from R20 to GI80: Lot 1B is rezoned to GI80 from R20 predicated upon the Master Plan recommendation of the Planning Board. Lot 1B is adjacent to intensive commercial and industrial land uses fronting on Franklin Turnpike and Cedar Hill Avenue. Lot 1B is denuded and is at a lower grade than most all surrounding properties and is ideally suited as a natural drainage/retention area for the surrounding properties, which have been severely flooded in the past and contributed to the continuing flooding problems along the Masonicus Brook and the Mahwah River. The property owners of Lot 1B have proposed a retention pond of six (6) acres to accommodate approximately two hundred fifty (250) acres of adjacent water shed. Lot 3B is rezoned to GI80 to conform it to its current use. k. It is the intent of the ML1 and ML2 Zone regulations to provide a realistic opportunity for the construction of a variety of housing types for a variety of income levels in the Township, including housing for lower income households; and to encourage the development of such lower income housing, and other housing, by providing specific land use regulations addressing those needs. These regulations are designed to meet the mandate of South Burlington County N.A.A.C.P. vs. Mount Laurel Township, 92 NJ 158 (1983) also referred to herein as Mount Laurel II. Any provisions of any other ordinance not in conflict with the ML1 and ML2 zoning regulations and which imposes higher standards shall be applicable. l. Statement of Purpose for Rezoning lots contained in the CED (Controlled Economic Development) zone. The CED Zone was originally adopted as Ordinance No. 462 on October 12, 1972, and later amended as part of Ordinance No. 914 on December 5, 1985. This ordinance does not appear to have been fully codified, many of which are outdated or inconsistent with the code. These areas have largely been built out consistent with neighboring zones, therefore, it is the intent of this rezoning to recognize these existing development patterns in order to promote the clear and consistent application of development regulations. m. Provisions Pertaining to the OP200 Zone. 1. Relationship to Master Plan. As required by law, pursuant to N.J.S.A. 40:55D-62, the Township Council finds that certain provisions to Ordinance No.
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.