Press Release brought to you by Besen Special Assets / A Division of the Besen Group

REO Asset Sale: 15,700 SF Four-Story Mixed-Use Retail/Resi Building in Newark, NJ

09/19/2013
 
Building Address: 
 216-218 Bloomfield Avenue, Newark, NJ 07104
Price: 
$1,250,000
Description: 
15,700 SF Four-Story Mixed-Use Retail/Resi Building

Address
216-218 Bloomfield Avenue
Newark, NJ 07104 
Essex County

Asset Details
Property Type: Mixed-Use (Retail/Resi)
Block/Lot: 538/3
Building Size: 15,700 gross SF
Lot Size: 5,310 SF 
Number of Units: Eighteen (18)
Unit Breakdown: Two (2) 1-bedroom apartments, eight (8) 2-bedroom apartments, six (6) 3-bedroom apartments and two (2) retail units
Stories: Four (4)
Zoning: Commercial (4A)
Taxes: $24,595 (2013)
Tax Assessment: $1,124,600 (2013)

Overview

The subject property consists of a four-story mixed-use building with sixteen (16) apartments and two (2) stores. There are two (2) 1-bedroom apartments, eight (8) 2-bedroom apartments, and six (6) 3-bedroom apartments. Thirteen (13) of the sixteen (16) units have been partially renovated by the receiver in the past year. Currently, nine (9) residential units and one (1) retail unit are vacant, but the receiver has pre-leased three (3) of the residential units, and is in discussions with five (5) additional residential tenants and one (1) retail tenant. The asset is located in the middle-class Forest Hill section of Newark, one block from Branch Brook Park, and less than half a mile away from the Bloomfield Light Rail station.
09/18/2013 - 16:16

Source

Besen Special Assets / A Division of the Besen Group

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