1 S Orange Ave
South Orange, NJ 07079
Retail Property For Sale

Marcus & Millichap is pleased to present for sale 1 South Orange Avenue anchored by Ashley Marketplace & Café in South Orange, NJ. The subject property is centrally located in the center of town, directly across the street from the South Orange NJT Train Station along S. Orange Avenue, the main thoroughfare for the town with over 22,600 vehicles per day. 1 South Orange is a 3-story, 30,300 square foot mixed use property with 65 on-site parking spaces. Ashley Marketplace & Café occupies the entire ground floor that is approximately 14,000 SF as wellas the basement. Ashley Marketplace & Café is a full-service gourmet grocery store stocked with all of the staples of a normal grocery as well as specialty food items and complete with a sushi and sashimi corner, a café with a bakery and juice bar, and a deli that also has a delivery service via Dorrdash.com. The store also has a large and established catering service with the capability to cater large banquet events to an office breakfast meeting. Ashley is currently on a 20-year NN Lease with 14 years remaining with 9% increases every 3 years and two 5-year options. The 2nd and 3rd floor spaces are currently vacant. According to the subject property’s current zoning as CB-1, which is a Central Business Redevelopment area district, these floors could be redeveloped into office space or converted to residential and an additional story could be built. The subject property is surrounded by a plethora of local and national businesses such as Chase Bank, Starbucks, Cold Stone, Reservoir Restaurant, Wine Emporium, 7-Eleven, Toro Loco, Grid Iron Waffle Shop, Dunkin’ Donuts, PNC Bank, Rite Aid, Bow Tie Cinemas (5 screens), and many more. The subject property is also within short walking distance to SOPAC (South Orange Performing Arts Center) with a 439-seat mainstage theatre showcasing a variety of performing arts, including theater, music & dance. 1 South Orange Avenue is also less than one Mile down the road from Seton Hall University with a total enrollment of over 10,300 students. The subject property is in a dense and affluent area with over 259,000 people living within a 3-mile radius with an average household income of over $140,000 within a 1-mile radius 1 South Orange Avenue provides investors with an opportunity to acquire a unique parcel with stable income with strong upside potential conveniently located across the street from the train station in the town center of an affluent NYC MSA New Jersey Suburb.