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240 Hope Ave 16,000 SF Specialty Building Offered at $3,500,000 in Passaic, NJ 07055
Executive Summary
Rare redevelopment and investment opportunity at 234 Hope Avenue (commonly known as 240 Hope Avenue), Passaic, NJ. This unique property is approved for a 48-unit residential development and offers outstanding potential for developers, investors, religious organizations, and institutional users. In addition to the existing residential approvals, the property may also be suitable for commercial, mixed-use, medical, educational, or other permitted uses, subject to municipal approvals.
The property is located in an established neighborhood with convenient access to Route 21, Route 3, Interstate 80, the Garden State Parkway, New York City, public transportation, shopping, restaurants, and local amenities. Existing improvements provide flexibility for redevelopment or continued institutional use.
A liquor license is also available for purchase separately, providing additional value and potential for qualified buyers depending on the intended future use and applicable approvals.
Property is offered for sale as-is. Additional information, development approvals, surveys, and supporting documentation are available to qualified buyers upon request.
The property is located in an established neighborhood with convenient access to Route 21, Route 3, Interstate 80, the Garden State Parkway, New York City, public transportation, shopping, restaurants, and local amenities. Existing improvements provide flexibility for redevelopment or continued institutional use.
A liquor license is also available for purchase separately, providing additional value and potential for qualified buyers depending on the intended future use and applicable approvals.
Property is offered for sale as-is. Additional information, development approvals, surveys, and supporting documentation are available to qualified buyers upon request.
Property Facts
| Price | $3,500,000 | Building Class | B |
| Price Per SF | $218.75 | Lot Size | 1.00 AC |
| Sale Type | Owner User | Building Size | 16,000 SF |
| Sale Condition | Lease Option | No. Stories | 3 |
| Property Type | Specialty | Year Built/Renovated | 1909/1959 |
| Property Subtype | Lodge/Meeting Hall | Parking Ratio | 1.31/1,000 SF |
| Zoning | R-3 | ||
| Price | $3,500,000 |
| Price Per SF | $218.75 |
| Sale Type | Owner User |
| Sale Condition | Lease Option |
| Property Type | Specialty |
| Property Subtype | Lodge/Meeting Hall |
| Building Class | B |
| Lot Size | 1.00 AC |
| Building Size | 16,000 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1909/1959 |
| Parking Ratio | 1.31/1,000 SF |
| Zoning | R-3 |
Exceptionally walkable
100/100
Fairly drivable
50/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 07-04063-0000-00067 | Improvements Assessment | $422,400 |
| Land Assessment | $227,600 | Total Assessment | $650,000 |
Property Taxes
Parcel Number
07-04063-0000-00067
Land Assessment
$227,600
Improvements Assessment
$422,400
Total Assessment
$650,000
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240 Hope Ave