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… Read More 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. Read Less
Courtesy of COMPASS NEW JERSEY LLC.
Listing Snapshot
Days Online
62
Last Updated
Property Type
Other
Beds
7
Lot Size
0.07 Acres
MLS Number
3923989
30 Days Snapshot Of 07105
$455k
+27%
(avg) sold price
3
+50%
homes sold
73
-7%
(avg) days on market
Snapshot
Area Map
Additional Details
Basement
No
Cooling
See Remarks
Exterior Features
See Remarks
Garage
3 garage spaces, Built-In Garage
Heating
See Remarks, See Remarks
Lot
Approximate Lot Size: 25.5X123, 0.07 acres
Parking
3 parking spaces, Off-Street Parking
Property
3 units, FHA Age Restricted: No
Roof
See Remarks
Taxes
Annual Tax Amount: $9,707, Tax Rate: 3.728
Unit One
2 bedrooms, 2 bathrooms, 845 sqft, Handicap Accessibility: No, See Remarks
Unit Two
2 bedrooms, 2 bathrooms, 797 sqft, Handicap Accessibility: No, See Remarks
Unit Three
3 bedrooms, 3 bathrooms, 1,697 sqft, Handicap Accessibility: No, See Remarks
Unit Four
See Remarks
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