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499-525 Market St 23,000 SF Specialty Building Offered at $2,500,000 in Newark, NJ 07107
INVESTMENT HIGHLIGHTS
- Historic 1889 structure with redevelopment potential
- Easy access to I-280 and Garden State Parkway
- High renter demand with 83% occupancy within 1 mile
EXECUTIVE SUMMARY
Potential for 90–100 buildable units on 0.85 acres
Positioned in the heart of Newark, New Jersey, 499–525 West Market Street presents a rare opportunity to acquire a ±23,000-square-foot historic church property with significant redevelopment potential. Built in 1889 and listed on the National Register of Historic Places, this site spans 0.85 acres and is zoned MX-1, allowing for low-density residential and commercial uses. With the potential to develop 90–100 units, the property is ideally suited for adaptive reuse or ground-up multifamily development.
Positioned in the heart of Newark, New Jersey, 499–525 West Market Street presents a rare opportunity to acquire a ±23,000-square-foot historic church property with significant redevelopment potential. Built in 1889 and listed on the National Register of Historic Places, this site spans 0.85 acres and is zoned MX-1, allowing for low-density residential and commercial uses. With the potential to develop 90–100 units, the property is ideally suited for adaptive reuse or ground-up multifamily development.
PROPERTY FACTS
| Price | $2,500,000 | Building Class | B |
| Price Per SF | $108.70 | Lot Size | 0.60 AC |
| Sale Type | Investment | Building Size | 23,000 SF |
| Sale Condition | Redevelopment Project | No. Stories | 1 |
| Property Type | Specialty | Year Built | 1889 |
| Property Subtype | Religious Facility | ||
| Zoning | MX-1 - residential and commercial uses | ||
| Price | $2,500,000 |
| Price Per SF | $108.70 |
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| Property Type | Specialty |
| Property Subtype | Religious Facility |
| Building Class | B |
| Lot Size | 0.60 AC |
| Building Size | 23,000 SF |
| No. Stories | 1 |
| Year Built | 1889 |
| Zoning | MX-1 - residential and commercial uses |
AMENITIES
- Smoke Detector
Walk Score®
Very Walkable (81)
Transit Score®
Excellent Transit (70)
PROPERTY TAXES
| Parcel Number | 14-01872-0000-00002 | Improvements Assessment | $420,100 |
| Land Assessment | $42,500 | Total Assessment | $462,600 |
PROPERTY TAXES
Parcel Number
14-01872-0000-00002
Land Assessment
$42,500
Improvements Assessment
$420,100
Total Assessment
$462,600
CONTACTS
-
Tarang Ramani -
Peter Rasmusson -
Lee & Associates Commercial Real Estate Services
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499-525 Market St
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