48 Elm Rd Active Save Request In-Person Tour Request Virtual Tour
Newark City,NJ 07105
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 3923416
Annual Tax Amount $9,707
Tax Year 2023
Lot Size 3,049 Sqft
Property Description
Discover an exceptional development opportunity at 48 Elm Rd in the sought-after Ironbound section of Newark, NJ. This property comes with city-approved plans for transforming the existing commercial office space into a modern boutique three-family residence. The approved plans include a spacious 2,160-square-foot garage on the ground floor, complemented by an additional 365-square-foot outdoor patio area. The second floor features two units: Unit 201, a 2-bedroom, 2-bathroom apartment totaling 845 SF, and Unit 202, another 2-bedroom, 2-bathroom unit with 797 SF. The third floor boasts a luxurious 3-bedroom, 3-bathroom apartment with a den, office, living room, kitchen, and terrace spanning 1,697 SF. Key features of the development include Garage: On-site parking for 3 cars. Elevator: Convenient access from the ground floor to the rooftop. Rooftop Garden Lounge: A deck that can accommodate up to 20 people. High-End Finishes: Hardwood floors, central AC, energy-efficient lighting, and brand-new appliances in each unit. In-unit laundry: Each apartment includes a washer/dryer for added convenience. Private financing for acquisition and construction is available upon request. Whether you build and hold or sell the completed units, this project presents a promising opportunity for significant returns on investment. Located just minutes from Newark Penn Station, with easy access to NY Penn Station, it is a prime choice for developers ready to capitalize on the area's growth.
Location
State NJ
County Essex
Building
Sewer Public Sewer in Street
Water Public Water on Property