404-410 Central Ave | 404 Central Ave
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404-410 Central Ave 404 Central Ave
6,818 SF 100% Leased Retail Building East Orange, NJ 07018 $1,750,000 ($257/SF) 10.23% Cap Rate
Investment Highlights
- Proposed Development Opportunity - Retail or Mixed Use (39 Residential Units + Retail)
- Value Add
- High Traffic
- Commercial Business District
Executive Summary
Two lots (Block 510, Lots 29 & 30) available for sale together or separately. Zoned CAE/CAC. Ideal for redevelopment of a larger asset Commercial or Mixed-use. Zoning analysis suggests a five to seven story mixed use building may be allowed without variances with a typical floor size of 10,000 SF. Architect recommendation is for a 48,000 SF five or six story mixed use building with Retail and parking on the ground level and 37-45 residential units plus amenities on the upper levels. Assemblage of lots 29 and 30 would yield approx. 17,001 SF or a 0.39 acre lot. See attached Due Diligence Docs. Property is sold in strictly AS IS condition. The existing structures can be renovated if there is no interest in new development.
Proposed:
Parking: 37 Spaces
1 BR: 715 SF: 16 units
2 BR: 1099 SF: 12 units
3 BR: 1419 SF: 9 units
Retail: 2250 SF
Proposed:
Parking: 37 Spaces
1 BR: 715 SF: 16 units
2 BR: 1099 SF: 12 units
3 BR: 1419 SF: 9 units
Retail: 2250 SF
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Miscellaneous
- Investigations
Financial Summary (Pro forma - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
6,818 SF
Building Class
C
Year Built
1930
Price
$1,750,000
Price Per SF
$257
Cap Rate
10.23%
NOI
$178,958
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.40
Lot Size
0.39 AC
Zoning
CAE/CAC - Commercial Dist - Central Ave Commercial District
Parking
10 Spaces (1.67 Spaces per 1,000 SF Leased)
Frontage
50 FT on Central
Walk Score®
Very Walkable (83)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $1,302,200 (2024) | |
| Land Assessment | $402,600 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $899,600 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$402,600 (2024)
Improvements Assessment
$899,600 (2024)
Total Assessment
$1,302,200 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
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404-410 Central Ave | 404 Central Ave
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