48 Elm Road

Newark, NJ 07105

$600,000
Price
3,049 / 0.07
Lot Size / Acres

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...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.

Listing Agent

  1. Carlos Beltran

    Carlos Beltran

    Listing Agent

    Compass

Property Details for 48 Elm Road

Directions
Wilson Ave Exit off Route 1-9
Days On Market
94
LISTING UPDATED: 09/28/2024 01:08 PM

Property Details for 48 Elm Road

StatusActive
MLS #3923416
Days on Market101
Taxes$9,707 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeLand
MLS TypeLots And Land
Year Built-
Lot Size0.07 AC
CountyEssex County
Buyer's Agent Compensation2%

Building Information for 48 Elm Road

Lot Size0.07 AC

Property Information for 48 Elm Road

Summary
Location and General Information
  • Active Days on Market: 94
  • County #: Essex
  • Town Name: Newark City
  • Block Identifier: 995
  • Listing Type: Exclusive Right to Sell
  • Town #: 1614.0
  • County Or Parish: Essex
  • Street Name: Elm Rd
  • Zip Code: 07105-3025
Taxes and HOA Information
  • Block ID Tax: *
  • Acres Tax: *
  • County Tax: *
  • Tax Amount: $9,707
  • Street name Tax: *
  • Zip Code Tax: *
  • City Tax: *
  • Tax Amount Tax: *
  • Assessment Total: 260400.0
  • Tax ID For Property: 1614-00995-0000-00029-0000-
  • Tax Id Tax: *
  • Tax Rate Amount: $4
  • Tax Rate Tax: *
  • Tax Rate Year: 2023
  • Tax Year: 2023
  • Tax Year Tax: *
  • Lot ID Tax: *
  • Lot Size Tax: *
Property
Lot Information
  • Lot Identifier: 29
  • Approximate Lot Size: 25.5X123
  • Total Acres: 0.07
Property and Assessments
  • Assessment Bldg: 185700.0
  • Assessment Land: 74700.0
Interior and Exterior Features
Interior Features
  • Easement: Unknown

Property History for 48 Elm Road

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 48 Elm Road

Taxable ValueLand$74,700Additions$185,700Total$260,400
Tax Record2023$9,708 ($809 / month)
Home Facts
Total Finished SqFt2,800 SqFtAbove Grade Finished SqFt2,800 SqFtStories1Lot Size3,136 SqFtStyleMiscellaneous CommercialYear Built1956CountyESSEXAPN14 00995-0000-00029

Schools near 48 Elm Road

This home is within The Newark Public School District.
Rating
School
Type
Grades
Distance
Public - PK to 3
Public - PK to 3
Public - PK to 5
Public - K to 4
Rating
School
Distance
Sir Isaac Newton Elementary School
PublicPK to 3

Michelle Obama Elementary School
PublicPK to 3

East Ward Elementary School
PublicPK to 5

Ironbound Academy Elementary School
PublicK to 4

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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Similar Sold Homes

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48 Elm Road is a 0.07 ac of land for sale in Newark, NJ 07105. This property was listed for sale on September 11, 2024 by Compass, it's currently listed at $600,000. It has been on the market for a total of 101 days and was last sold on August 16, 2021. This listing's school district is The Newark Public School District. Nearby schools include Sir Isaac Newton Elementary School, Michelle Obama Elementary School and East Ward Elementary School. 48 Elm Road is a 0-bed, 0-bath, 0.07 ac of land on a 3,049 sq. ft. / 0.07 acres lot.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

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