48 Elm Road
$600,000
7
7
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Listed By Compass
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.
Property Details for 48 Elm Road
Directions
Wilson Ave Exit off 1-9 Parkway
Days On Market15
LISTING UPDATED: 09/25/2024 09:53 AM
Property Details for 48 Elm Road
Status | Active |
---|---|
MLS # | 3923989 |
Days on Market | 72 |
Taxes | $9,707 / year |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Multi Family / 3-Three Story |
Year Built | - |
Lot Size | 0.07 AC / 3,049 SF |
County | Essex County |
Buyer's Agent Compensation | 2.5% |
Building Information for 48 Elm Road
Stories-Residences3Year Built-Building Size-Lot Size0.07 AC / 3,049 SF
Property Information for 48 Elm Road
Property History for 48 Elm Road
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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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 - | K to 8 | |||
Public - | 9 to 12 | |||
Public - | PK to 5 | |||
Public - | PK to 8 |
Rating | School | Distance |
---|---|---|
Wilson Avenue Elementary School PublicK to 8 | ||
East Side High School Public9 to 12 | ||
East Ward Elementary School PublicPK to 5 | ||
Oliver Street Elementary School PublicPK to 8 |
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.
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