522 Park Ave
Plainfield, NJ 07060
Land For Sale · 0.12 AC

Opportunity Zone Approved Land For Sale: 14 Residential Units, 2,445 Sqft Ground Floor Retail 522-526 Park Avenue, Plainfield, New Jersey is an approved mixed-use development site in the Central Business District of the rapidly gentrifying city. Property is located less than a quarter mile from the Plainfield Train Station with direct access to Manhattan. Walk score of 88 with a full array of neighborhood amenities within walking distance. The site consists of 8 2 bedroom 2 bathroom units, 6 studios and 2,445 square feet of Park Avenue ground floor retail. Plans include a fully amenitized, luxury building with roof deck, fitness center and ample storage. City approved offsite parking in a nearby designated lot. Situated in the TODD South Redevelopment Zone, this is an excellent economic opportunity with a projected $320,000 stabilized Net Operating Income. The property is located in a Federal Opportunity Zone along with a 5-30 year property tax abatement, new market tax credits and other tax incentives. This sale includes full approved, environmentally clean land with site plan and schematic architectural drawings. Projected Stabilized Building Value: $5,335,262 Projected Stabilized NOI = $320,000 Current Taxes: $4,912.86 Lot Size: 5,109 square feet, parking lot with no current building Building Square Footage: 22,650 + 4,530 basement