Discover this exceptional income-producing commercial property situated prominently at the corner of Elm Street and Pacific Street in the heart of the vibrant Ironbound section of Newark. Located just 3 minutes from the Prudential Center and 5 minutes from Newark Penn Station, this mixed-use building offers unparalleled convenience and accessibility.… Read More The property features 10 total units, including 8 luxury residential apartments and 2 commercial storefronts. The residential layout includes one 1-bedroom, four 2-bedroom, and three 3-bedroom high-end apartments, all thoughtfully designed to appeal to discerning tenants. Each residential unit boasts an open-concept layout, seamlessly connecting the living room and eat-in kitchen, featuring sleek quartz countertops. These units also offer spacious bedrooms, modern bathrooms, and the convenience of an in-unit washer and dryer, with central air and forced hot air throughout. The ground floor hosts two well-established businesses: a charming flower shop and a popular restaurant, providing steady commercial income and neighborhood foot traffic. With modern finishes, a prime location, and high rental demand, this building presents a rare chance to own a well-maintained, turn-key property in one of Newark's most desirable neighborhoods. This is a perfect opportunity for investors looking for both appreciation and consistent rental income. Read Less
Courtesy of REAL.
Listing Snapshot
Days Online
313
Last Updated
Property Type
Other
Square Ft.
5,800
Lot Size
0.06 Acres
Year Built
1930
MLS Number
3964131
30 Days Snapshot Of 07105
$370k
-5%
(avg) sold price
4
+100%
homes sold
128
-9%
(avg) days on market
Snapshot
Area Map
Additional Details
Basement
No
Building
Built in 1930, Renovated in 2024
Cooling
Central Air
Expenses
Expenses: Taxes
Exterior Features
Brick/Block
Water Features
Public Water
Heating
Electric, Gas-Natural, Forced Hot Air
Lot
Approximate Lot Size: 35X70.6, 0.06 acres, Corner
Property
5,800 sqft building, 10 units
Roof
Flat
Sewer
Public Sewer
Taxes
Annual Tax Amount: $28,522, Tax Rate: 3.803
Utilities
Electric, Gas-Natural
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All information contained herein deemed reliable but not guaranteed. Buyers should personally verify all information. GSMLS Data provided via Home Junction, Inc.
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