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483-487 Springfield Ave 2,400 SF 100% Leased Retail Building Berkeley Heights, NJ 07922 $770,000 ($320.83/SF)
Investment Highlights
- Prime redevelopment and investment opportunity in Berkeley Heights' Downtown Development Zone.
- Strong opportunity to generate revenue while pursuing future redevelopment plans.
- Retail building with two tenants provides immediate income potential.
- Can be combined with the adjacent property for a larger development site.
Executive Summary
Redevelopment/Investment Opportunity! Prime 0.16-acre property located in the Downtown Development (DD) Zone of Berkeley Heights. The property features a 2,400 SF retail building with two tenants, offering immediate income potential while planning for future redevelopment. This parcel may also be combined with the adjacent property at 481 Springfield Avenue (MLS #4038714), creating a combined site of approximately 0.50 acre for expanded development possibilities.
Property Facts
Sale Type
Investment
Sale Condition
Redevelopment Project
Property Type
Retail
Property Subtype
Storefront
Building Size
2,400 SF
Building Class
C
Year Built
1961
Price
$770,000
Price Per SF
$320.83
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.34
Lot Size
0.16 AC
Zoning
DD - Downtown Development
Parking
10 Spaces (1.1 Spaces per 1,000 SF Leased)
Frontage
97’ on Springfield Ave
Amenities
- Signage
Moderately walkable
60/100
Exceptionally drivable
100/100
Good public transit
70/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 01-00206-0000-00013 | Improvements Assessment | $244,100 |
| Land Assessment | $180,500 | Total Assessment | $424,600 |
Property Taxes
Parcel Number
01-00206-0000-00013
Land Assessment
$180,500
Improvements Assessment
$244,100
Total Assessment
$424,600
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483-487 Springfield Ave