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North Newark at Belleville Border 531 Bloomfield Ave 9 Unit Apartment Building $1,250,000 ($138,889/Unit) Newark, NJ 07107
Investment Highlights
- Five-Story Building near Branch Brook Park
- Great location: North Newark at the Belleville border
- Tenant storage areas in basement
- Approved for nine 2-bedroom apartments and one commercial office
- Roof-top deck area
- Commercial Office on 1st floor facing Bloomfield Ave
Executive Summary
This is a great redevelopment opportunity in the Upper Roseville Newark section at the Belleville border near Branch Brook Park. Currently there is a fully occupied 5-unit apartment building. The City of Newark has issued an approved variance to construct a five-story mixed-use building. The existing apartment building will need to be demolished to make way for the 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 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 | Apartment Style | Mid-Rise |
| Price Per Unit | $138,889 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.07 AC |
| Sale Condition | Redevelopment Project | Building Size | 5,218 SF |
| No. Units | 9 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1910 |
| Zoning | C-2 - Community Commercial | ||
| Price | $1,250,000 |
| Price Per Unit | $138,889 |
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.07 AC |
| Building Size | 5,218 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1910 |
| Zoning | C-2 - Community Commercial |
Amenities
Unit Amenities
- Balcony
- Washer/Dryer
- Basement
Site Amenities
- Elevator
- Individual Locking Bedrooms
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Exceptionally walkable
90/100
Fairly drivable
50/100
Exceptional public transit
90/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 14-00655-0000-00024 | Improvements Assessment | $234,900 |
| Land Assessment | $40,900 | Total Assessment | $275,800 |
Property Taxes
Parcel Number
14-00655-0000-00024
Land Assessment
$40,900
Improvements Assessment
$234,900
Total Assessment
$275,800
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Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
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