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481 Springfield Ave 2,532 SF 100% Leased Retail Building Berkeley Heights, NJ 07922 $875,000 ($345.58/SF)
Investment Highlights
- Prime corner redevelopment and investment opportunity in Berkeley Heights.
- Located within the Downtown Development (DD) Zone.
- Features a two-family home and detached garage apartment with income potential.
- Can be combined with an adjacent parcel for expanded development opportunities.
Executive Summary
Redevelopment/Investment Opportunity! Prime corner 0.34-acre property located in the Downtown Development (DD) Zone of Berkeley Heights. The property features a two-family home and a detached three-car garage with an apartment, offering immediate income potential while planning for future redevelopment. This parcel may also be combined with the adjacent property at 483-487 Springfield Avenue, creating a combined site of approximately 0.50 acres for expanded development possibilities.
Property Facts
Sale Type
Investment
Sale Condition
Redevelopment Project
Property Type
Retail
Property Subtype
Freestanding
Building Size
2,532 SF
Building Class
C
Year Built
1900
Price
$875,000
Price Per SF
$345.58
Percent Leased
100%
Building Height
2 Stories
Building FAR
0.17
Lot Size
0.34 AC
Zoning
DD - Downtown Development
Parking
20 Spaces (7.9 Spaces per 1,000 SF Leased)
Frontage
Moderately walkable
60/100
Very drivable
80/100
Good public transit
70/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 01-00206-0000-00010 | Improvements Assessment | $140,800 |
| Land Assessment | $179,900 | Total Assessment | $320,700 |
Property Taxes
Parcel Number
01-00206-0000-00010
Land Assessment
$179,900
Improvements Assessment
$140,800
Total Assessment
$320,700
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Contact the Sale Advisor
481 Springfield Ave