The southeast corner of Broad Street and Raymond Boulevard, perhaps one of the best locations in all of Downtown Newark. It is Midway between the NJPAC and the Prudential Center and is dirctly serviced by the Newark Subway/LightRail at Military Park.
The property is currently anchored by H&R Block, along with a shoe repair and jewlery store on the ground floor. There is one ground floor vacancy that was previously a restaurant. The second floor is currently vacant, however, in the midst of lease negotiations. The 3rd and 4th floors are tenanted by an architectral firm and Verizon has a cellular installation on the roof.
The property is also an ideal candidate for conversion to luxury residential loft apartments. All upper floors could be easily converted and zoning in Downtown Newark has no restriction on building height or size. Eleven80 Raymond Boulevard newxt door has proven that there is a market for high end residential in downtown Newark and are achieving $35per foot.
Current in place revenue on the property is $143,288. Projecting the vacancies conservatively puts the total annual revenue over $225,000. Less expenses of roughly $53,000 this property is a 10% CAP at the asking price.
Asking price is $1,750,000
Contact me directly for more details Geoffrey Bailey 201 426 2211