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The Fairmount Corner – Mixed-Use Development 524 Central Ave 500 SF Vacant Retail Building Newark, NJ 07107 $350,000 ($700/SF)
INVESTMENT HIGHLIGHTS
- Zoned for Mixed-Use Redevelopment (C-2 Zoning)
- Strong Market Demand & Growth Potential
- High-Visibility Corner Location in Transit-Rich Corridor
EXECUTIVE SUMMARY
Zoned for Growth: High-Density Mixed-Use Site with Retail & Residential Potential
Located in the heart of Newark’s revitalizing Fairmount neighborhood, 524 Central Avenue presents a prime opportunity for investors and developers seeking a strategic redevelopment site. This three-story, 5,500 SF mixed-use building—currently consisting of six residential units (five one-bedrooms and one three-bedroom) and 1,200 SF of ground-floor retail—is ideal for tear-down and new construction.
Situated on a 2,367 SF corner lot with C-2 zoning, the property allows for dense, mixed-use development up to five stories, aligning with Newark’s current growth plans and zoning incentives. The site benefits from excellent visibility, dual street frontage, and proximity to Newark Penn Station, major highways, and a bustling commercial corridor.
With increasing demand for mixed-use and residential housing, strong rental fundamentals, and ongoing citywide investment, this location offers significant upside for value-add or ground-up development. Don’t miss the chance to capitalize on Newark’s next phase of growth in one of its most active neighborhoods.
Hold Harmless form required prior to any showings.
As-Is Condition
Seller makes no warranties regarding C/O, outstanding Violations, Occupants
No Contingencies
Open/Outstanding Real Estate Taxes and/or Water/Sewer liens to be paid by Seller at Closing
ANS Title required for Title Insurance
Located in the heart of Newark’s revitalizing Fairmount neighborhood, 524 Central Avenue presents a prime opportunity for investors and developers seeking a strategic redevelopment site. This three-story, 5,500 SF mixed-use building—currently consisting of six residential units (five one-bedrooms and one three-bedroom) and 1,200 SF of ground-floor retail—is ideal for tear-down and new construction.
Situated on a 2,367 SF corner lot with C-2 zoning, the property allows for dense, mixed-use development up to five stories, aligning with Newark’s current growth plans and zoning incentives. The site benefits from excellent visibility, dual street frontage, and proximity to Newark Penn Station, major highways, and a bustling commercial corridor.
With increasing demand for mixed-use and residential housing, strong rental fundamentals, and ongoing citywide investment, this location offers significant upside for value-add or ground-up development. Don’t miss the chance to capitalize on Newark’s next phase of growth in one of its most active neighborhoods.
Hold Harmless form required prior to any showings.
As-Is Condition
Seller makes no warranties regarding C/O, outstanding Violations, Occupants
No Contingencies
Open/Outstanding Real Estate Taxes and/or Water/Sewer liens to be paid by Seller at Closing
ANS Title required for Title Insurance
PROPERTY FACTS
Sale Type
Investment or Owner User
Sale Conditions
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
500 SF
Building Class
C
Year Built
1979
Price
$350,000
Price Per SF
$700
Percent Leased
Vacant
Tenancy
Multiple
Building Height
3 Stories
Slab To Slab
10’
Building FAR
0.50
Lot Size
0.02 AC
Zoning
C-2
Frontage
29’ on Central Ave
Walk Score®
Very Walkable (79)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 14-01828-0000-00001 | Improvements Assessment | $131,200 |
| Land Assessment | $28,800 | Total Assessment | $160,000 |
PROPERTY TAXES
Parcel Number
14-01828-0000-00001
Land Assessment
$28,800
Improvements Assessment
$131,200
Total Assessment
$160,000
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The Fairmount Corner – Mixed-Use Development | 524 Central Ave
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