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531 Bloomfield Ave 4 Unit Apartment Building $1,250,000 ($312,500/Unit) Newark, NJ 07107
Executive Summary
Existing apartment building would need to be demolished to make way for approved new 5-story mixed-use building. There would be a first floor office facing Bloomfield Ave and the entrance for the 9 apartment units would face N 11th St. The current owners have an approved variance from the City of Newark to construct a five-story mixed-use building. The plans include commercial space fronting Bloomfield Avenue and one apartment on North 11th Street on the first floor, with two apartments per floor on floors two through five (see attached plans & renderings).
Property Facts
| Price | $1,250,000 | Property Subtype | Apartment |
| Price Per Unit | $312,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.07 AC |
| Sale Condition | Redevelopment Project | Building Size | 5,218 SF |
| No. Units | 4 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1910 |
| Zoning | C-2 - Community Commercial | ||
| Price | $1,250,000 |
| Price Per Unit | $312,500 |
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.07 AC |
| Building Size | 5,218 SF |
| No. Stories | 3 |
| Year Built | 1910 |
| Zoning | C-2 - Community Commercial |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 4+4 | 4 | - | - |
1 1
Exceptionally walkable
90/100
Fairly drivable
50/100
Exceptional public transit
90/100
Fairly bikeable
50/100
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531 Bloomfield Ave