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391-393 Hawthorne Ave 5,201 SF 52% Leased Retail Building Newark, NJ 07112 $900,000 ($173.04/SF)
Investment Highlights
- 2% Commission to Buyer's Agent
Executive Summary
STATS AS FOLLOWS:
- Two of three units are rented out for the next five years on a NNN w/right of renewal after five years
- Each unit pays their own utilities and meters are seperated. Water is divided by the three units
- Roof done in 2021
- Newer hot water heaters
- Each unit (1,500sqft) has its own basement for an additional 1,000sqft storage space
- Unit 1: is occupied by a community grocery store
- Unit 2: originally occupied Bragman's Deli (has a walk in cooler, stove, and other equipment may be available)
- Unit 3: occupied
- Owner of building has an option to expand w/first right of refusal on buildings next to
Units 1 & 3 pay $2000 & $2500 plus utilities, taxes, and water.
Unit #2 IS AVAILABLE FOR LEASE. $3,000/MONTH NNN LEASE. MINIMUM THREE YEARS.
SELLER FINANCING & LEASE W/OPTION TO BUY MAY BE AVAILABLE, COME W/YOUR BEST OFFER
- Two of three units are rented out for the next five years on a NNN w/right of renewal after five years
- Each unit pays their own utilities and meters are seperated. Water is divided by the three units
- Roof done in 2021
- Newer hot water heaters
- Each unit (1,500sqft) has its own basement for an additional 1,000sqft storage space
- Unit 1: is occupied by a community grocery store
- Unit 2: originally occupied Bragman's Deli (has a walk in cooler, stove, and other equipment may be available)
- Unit 3: occupied
- Owner of building has an option to expand w/first right of refusal on buildings next to
Units 1 & 3 pay $2000 & $2500 plus utilities, taxes, and water.
Unit #2 IS AVAILABLE FOR LEASE. $3,000/MONTH NNN LEASE. MINIMUM THREE YEARS.
SELLER FINANCING & LEASE W/OPTION TO BUY MAY BE AVAILABLE, COME W/YOUR BEST OFFER
Property Facts Under Contract
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
5,201 SF
Building Class
C
Year Built/Renovated
1930/2019
Price
$900,000
Price Per SF
$173.04
Percent Leased
52%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.42
Lot Size
0.29 AC
Zoning
commercial - retail
Frontage
25’ on HAWTHORNE AVE
Amenities
- Accent Lighting
- Air Conditioning
- Smoke Detector
Very walkable
80/100
Moderately drivable
70/100
Good public transit
70/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Numbers | Improvements Assessment | $627,700 | |
| Land Assessment | $321,200 | Total Assessment | $948,900 |
Property Taxes
Parcel Numbers
Land Assessment
$321,200
Improvements Assessment
$627,700
Total Assessment
$948,900
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391-393 Hawthorne Ave
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