404-410 Central Ave | 404 Central Ave
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404-410 Central Ave 404 Central Ave
6,818 SF 100% Leased Office 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 39 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
Proposed Parking:
1 BR Parking Spaces = 25 * 0.5 = 13 spaces
2 BR Parking Spaces = 14 * 1 = 14 spaces
Total Required = 14 + 13 = 27 spaces
Total Proposed = 30 Parking Spaces
Proposed Parking:
1 BR Parking Spaces = 25 * 0.5 = 13 spaces
2 BR Parking Spaces = 14 * 1 = 14 spaces
Total Required = 14 + 13 = 27 spaces
Total Proposed = 30 Parking Spaces
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
Sale Condition
Redevelopment Project
Property Type
Office
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
Typical Floor Size
3,000 SF
Building FAR
0.40
Land Acres
0.39 AC
Zoning
CAE/CAC - Commercial Dist - Central Ave Commercial District
Parking
10 Spaces (1.67 Spaces per 1,000 SF Leased)
1 of 1
Walk Score ®
Very Walkable (83)
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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