Construction-Ready Lot Within NYC Metro Area | 365 Park Ave
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Construction-Ready Lot Within NYC Metro Area 365 Park Ave
0.2 Acres of Commercial Land Online Auction Sale Scotch Plains, NJ 07076
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Investment Highlights
- Construction ready 0.20-acre lot with approved plans for a 12,500-square-foot mixed-use development in Scotch Plains.
- Approved for retail, office, and residential use, the site offers investors the chance to meet diverse market demands.
- Positioned within a submarket with low vacancy rates, growing rents, and an affluent population of over 276,000 within a 5-mile radius.
- Located in the heart of Scotch Plains’ bustling downtown, the asset is surrounded by historic buildings, restaurants, shops, and national retailers.
- Near major highways such as I-78, the Garden State Parkway, I-287, and the Fanwood Train Station, providing access to the New York City metro area.
- Enjoys unrivaled exposure to over 16,000 daily vehicles and significant foot traffic, ensuring excellent exposure for future businesses.
Executive Summary
365 Park Avenue is a prime 0.20-acre lot located in the heart of Downtown Scotch Plains. This fully paved, construction-ready site includes approved plans for a three-story, 12,500-square-foot mixed-use development. The design allows for flexible zoning, accommodating a variety of retail businesses on the ground floor, with office space and residential units on the upper floors. Department of Environmental Protection permits that are grandfathered in enhance the site's development potential, making this property an exceptional opportunity for investors to meet the area’s growing demand.
Situated in Scotch Plains’ vibrant downtown area, the property is surrounded by historic charm, popular restaurants, and a dynamic mix of shops and businesses. Within a mile, national retailers such as Kohl’s, Marshalls, Dollar Tree, and Chick-fil-A add to the area’s appeal, alongside local favorites like Stage House Tavern and Black Drop Coffee. The site benefits from excellent transportation options, including proximity to the Fanwood Train Station for easy access to Penn Station. Major highways like Interstate 78, the Garden State Parkway, and Interstate 287 are all within a short drive, ensuring seamless regional connectivity.
Located in Union County, Scotch Plains is part of the New York City metropolitan area and boasts an affluent population of over 276,000 residents within a 5-mile radius. With a median household income of $124,000 and annual consumer spending exceeding $4 billion, the market is primed for retail, office, and residential demand. Situated in Northern New Jersey’s fourth-largest retail submarket, 365 Park Avenue offers unparalleled exposure to over 16,000 daily vehicles and consistent foot traffic. Low vacancy rates, rising rents, and strong market fundamentals make this property an extraordinary investment opportunity in a high-growth area.
Situated in Scotch Plains’ vibrant downtown area, the property is surrounded by historic charm, popular restaurants, and a dynamic mix of shops and businesses. Within a mile, national retailers such as Kohl’s, Marshalls, Dollar Tree, and Chick-fil-A add to the area’s appeal, alongside local favorites like Stage House Tavern and Black Drop Coffee. The site benefits from excellent transportation options, including proximity to the Fanwood Train Station for easy access to Penn Station. Major highways like Interstate 78, the Garden State Parkway, and Interstate 287 are all within a short drive, ensuring seamless regional connectivity.
Located in Union County, Scotch Plains is part of the New York City metropolitan area and boasts an affluent population of over 276,000 residents within a 5-mile radius. With a median household income of $124,000 and annual consumer spending exceeding $4 billion, the market is primed for retail, office, and residential demand. Situated in Northern New Jersey’s fourth-largest retail submarket, 365 Park Avenue offers unparalleled exposure to over 16,000 daily vehicles and consistent foot traffic. Low vacancy rates, rising rents, and strong market fundamentals make this property an extraordinary investment opportunity in a high-growth area.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Approved Plans
- Purchase Agreement
- Third Party Reports
- Title and Insurance
Property Facts
| Property Type | Land | Total Lot Size | 0.20 AC |
| Property Subtype | Commercial | Sale Conditions | Auction Sale |
| Sale Type | Investment |
| Property Type | Land |
| Property Subtype | Commercial |
| Sale Type | Investment |
| Total Lot Size | 0.20 AC |
| Sale Conditions | Auction Sale |
1 Lot Available
Lot
| Lot Size | 0.20 AC |
| Lot Size | 0.20 AC |
Walk Score ®
Walker's Paradise (90)
zoning
| Zoning Code | B-2 (Retail business establishments with residential) |
| B-2 (Retail business establishments with residential) |
Sale Advisor
Sale Advisor
Brent Hyldahl, First Vice President Investments
(908) 268-7171
Contact
Brent Hyldahl is a retail, medical/office, mixed-use, industrial and net-lease specialist with Marcus & Millichap. Brent exclusively represents buyers and sellers of investment properties throughout the region, and acts in accord with the company-wide mission to help clients create and preserve wealth by providing the best real estate investment sales, financing, research and advisory services available. He works with both sell-side and buy-side clients, representing 1031 exchange buyers, private investors, and private owners.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Emily Walper
Contact
Auctioneer License:
Ten-X Commercial, LLC Arlene Richardson RE Brkr 2187404
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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