Mixed use investment opportunity located in the heart of Montclair, New Jersey. The property consists of five total units, including a ground floor restaurant and four residential apartments, comprised of two three bedroom units and two one bedroom units, totaling approximately 5,500 square feet.The asset currently generates approximately $143,000 in… Read More gross income and approximately $85,000 in net operating income, providing stable in place cash flow. The residential component offers leasing flexibility with three of four units currently on a month to month basis, allowing for potential income growth over time.The retail space is occupied by a restaurant tenant with a lease in place through September 2028 and annual rent increases. Tenant contributes to utilities and certain operating expenses.Located along Bloomfield Avenue, one of Montclair?s primary retail corridors, the property is surrounded by restaurants, shops, and neighborhood amenities. The property is within walking distance to the Bay Street Train Station, providing direct access to New York City. Montclair is a well established market known for strong rental demand and limited supply. The ongoing redevelopment of Lackawanna Plaza is expected to further enhance the area with additional residential, retail, and grocery components. Read Less
Courtesy of KELLER WILLIAMS - NJ METRO GROUP, CHERYL DARMANIN, 973-783-7400
Listing Snapshot
Days Online
0
Last Updated
Property Type
Other
Square Ft.
5,500
Lot Size
0.07 Acres
Year Built
1902
MLS Number
4025220
30 Days Snapshot Of 07042
$1.37M
+30%
(avg) sold price
16
+23%
homes sold
60
-3%
(avg) days on market
Snapshot
Area Map
Additional Details
Basement
Storage, Walkout, Yes
Building
Built in 1902
Cooling
1 Unit, Central Air
Exterior Features
Brick/Block
Water Features
Public Water
Heating
Gas-Natural, 1 Unit, Forced Hot Air
Lot
Approximate Lot Size: 25X120, 0.07 acres
Property
5,500 sqft building, 5 units
Roof
Flat
Sewer
Public Sewer
Taxes
Annual Tax Amount: $32,709, Tax Rate: 3.516
Utilities
Gas-Natural
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