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407 Bloomfield Ave
Montclair, NJ 07042
Retail Property For Sale
PROPERTY FACTS
About 407 Bloomfield Ave , Montclair, NJ 07042
Marcus & Millichap is proud to present the opportunity to acquire a three unit mixed-use building located at 407 Bloomfield Avenue in Montclair, NJ. The property consists of a ground floor retail space occupied by Aozora Japanese Restaurant, which has been a tenant since 2003. Auzora signed a 10 year lease in 2012 and just renewed the fifth year option, keeping the tenant in place until 2022. The second floor consists of two residential units: a studio and a 2-bedroom apartment. The restaurant is responsible for paying all utilities (gas, electric, heat & hot water) as well as 90% of the water and sewer bill. The residential tenants pay separately metered gas & electric as well as their own heat and hot water. The leases include 4% annual increases and at current rent are well below market potential. The property includes a rear parking lot that has been resurfaced, new roof, new storefront, and new windows. The subject property is near the Church Street/South Park shopping district which includes LuLu Lemon, CVS, Anthropologie, Bluemercury, Oil & Vinegar, South Moon Under, Urban Outfitters, and Investor Savings Bank. It is equidistant from several new development projects including a MC Hotel and a six-story mixed-use complex called Valley & Bloom on the western edge of Montclair; Lackawanna Plaza which will house a new supermarket on the eastern edge, and the Wellmont Theatre/Seymour Street Arts/residential development project in the middle of Bloomfield Ave. Property is zoned c-1 Central Business Zone, which allows a maximum development of six stories - building department should be contacted for more information. Montclair is a densely populated, affluent suburb located approximately twelve miles west of Manhattan, in Essex County. Four train stations, direct to NYC, and two bus lines make Montclair popular with commuters.
PROPERTY TAXES
Parcel Number | 13-03205-0000-00010 | Improvements Assessment | $380,400 |
Land Assessment | $271,900 | Total Assessment | $652,300 |
PROPERTY TAXES
Learn More About Investing in Retail Properties
Listing ID: 14045433
Date on Market: 10/11/2018
Last Updated:
Address: 407 Bloomfield Ave, Montclair, NJ 07042
The Retail Property at 407 Bloomfield Ave, Montclair, NJ 07042 is no longer being advertised on LoopNet.com. Contact the broker for information on availability.
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