Main St - Development Site

0.39 Acres of Commercial Land Offered at $3,750,000 in Asbury Park, NJ 07712

Investment Highlights

  • Great location for mixed-use development is a very hot market.

Executive Summary

Prime location for redevelopment in the Central Business District of Asbury Park, NJ. OPPORTUNITY ZONE/CBD ZONE/UEZ ZONE. Preliminary assessment by a local architect of the property would indicate that there is an as of right ability to build approximately 35 residential units over parking for approximately 32 cars on site. The existing corner retail can stay as is. Preliminary site work has been done by an architect who may be available for consultation. This property is two separate lots which can also be purchased separately. The corner building is currently owner-occupied as a very successful hardware store and has been in business of over 40 years. The building is 7,000 SF on two levels. It is a high traffic corner with a streetlight. Curren zoning will allow for residential on the second floor which is now vacant. This building can be sold separately at an asking price of $1,795,000. The adjacent lots located at 702-704 Summerfield Avenue can also be purchased separately for an asking price of 2,150,000. Current zoning will allow to build 4 stories to 45 feet. An architect has laid out the parking on the ground level to provide for 28-32 cars. Additional height will be granted if the building will be 20% low to moderate. There is no parking requirement for these addition units. Also, deficit parking can be purchased from the city for $15,000 per spot, a one-time fee. PLEASE NOTE THAT THIS IS NOT AN APPROVED SITE.

Attachments

Asbury Hardware Flyer Sackman

Property Facts

Price $3,750,000
Sale Type Investment
Sale Conditions Redevelopment Project
No. Lots 1
Property Type Land
Property Subtype Commercial
Proposed Use
Mixed Use
  • Apartment Units
Total Lot Size 0.39 AC
Opportunity Zone Yes

1 Lot Available

Lot

Price $3,750,000
Price Per AC $9,615,384.62
Lot Size 0.39 AC

3 contiguous properties for sale or can be downsized to two. The addresses are 428 Main Street, which is a free standing 7,000 SF owner occupied building. The other addresses are 702-704 Summerfield Ave, which is a parking lot with garages.

Description

This is a combined parcel which is currently a commercial building located at 428 Main Street which is two-stories and approximately 7,062 SF. The lower level is operating as a hardware store and the upper floor is vacant. The adjacent lots on Summerfield Avenue are currently being used as parking and storage for the hardware business. There are some outbuildings on the lot which are used for warehousing. The highest and best use of the property is for a mixed-use development project with apartments and/or condominiums over first floor retail and on-site parking. Preliminary assessment by a local architect calls for about 35 residential units over 28-32 parking spaces with existing corner retail to stay in place. Architect could be contacted for consultation if requested.

Walk Score®
Walker's Paradise (97)
Bike Score®
Very Bikeable (74)

PROPERTY TAXES

zoning

Zoning Code Central Business District (Central Business District. Many uses including but not limited to retail, residential, service, restaurant, etc.)
  • Listing ID: 27546639

  • Date on Market: 1/19/2023

  • Last Updated:

  • Address: Main St, Asbury Park, NJ 07712