407 Bloomfield Ave
Montclair, NJ 07042
Retail Property For Sale

Marcus & Millichap is proud to present the opportunity to acquire a three unit mixed-use building located at 407 Bloomfield Avenue in Montclair, NJ. The property consists of a ground floor retail space occupied by Aozora Japanese Restaurant, which has been a tenant since 2003. Auzora signed a 10 year lease in 2012 and just renewed the fifth year option, keeping the tenant in place until 2022. The second floor consists of two residential units: a studio and a 2-bedroom apartment. The restaurant is responsible for paying all utilities (gas, electric, heat & hot water) as well as 90% of the water and sewer bill. The residential tenants pay separately metered gas & electric as well as their own heat and hot water. The leases include 4% annual increases and at current rent are well below market potential. The property includes a rear parking lot that has been resurfaced, new roof, new storefront, and new windows. The subject property is near the Church Street/South Park shopping district which includes LuLu Lemon, CVS, Anthropologie, Bluemercury, Oil & Vinegar, South Moon Under, Urban Outfitters, and Investor Savings Bank. It is equidistant from several new development projects including a MC Hotel and a six-story mixed-use complex called Valley & Bloom on the western edge of Montclair; Lackawanna Plaza which will house a new supermarket on the eastern edge, and the Wellmont Theatre/Seymour Street Arts/residential development project in the middle of Bloomfield Ave. Property is zoned c-1 Central Business Zone, which allows a maximum development of six stories - building department should be contacted for more information. Montclair is a densely populated, affluent suburb located approximately twelve miles west of Manhattan, in Essex County. Four train stations, direct to NYC, and two bus lines make Montclair popular with commuters.