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
Property Facts
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.
PROPERTY TAXES
Parcel Numbers | Improvements Assessment | $766,700 | |
Land Assessment | $1,192,000 | Total Assessment | $1,958,700 |
zoning
Zoning Code | Central Business District (Central Business District. Many uses including but not limited to retail, residential, service, restaurant, etc.) |