377 Kearny Ave (Redevelopment Site)

Tenant

Unstated

Location

Kearny , NJ

Price

$699,000

CAP Rate

Unstated

Lease Term

Unstated

Occupancy

Unstated

Building Size

4,065 Sq. Ft.

Property Type

Single Tenant

Year Built

1920

Lot Size

0.17

Status

Closed

Property Contacts:

Karly Iacono

Vice President

(201) 742-6119 | Email

  • Great Demographics – Over 722k People within 5-Miles
  • Located in the Heart of the Central Business District
  • Current Tenant Pays $5k Monthly
  • Property has Two Driveways allowing for Easy Ingress/Egress
  • Seller Willing to Sell Subject to Approvals

Marcus and Millichap is pleased to exclusively present a redevelopment opportunity located in Kearny, New Jersey.  The property consists of a 4,605 square foot office building on a 7,501 square foot lot. The office space is currently occupied by a law firm.  The rent is $5,000 NNN monthly.  The tenant has indicated the willingness to vacate the property at a time acceptable to potential investor. Based on preliminary site research, it is estimated the site can support between 20-25 multifamily units with a retail unit remaining on the first floor along Kearny Ave.  The development sites greatly benefits from having access to Kearny Ave and Maple St, allowing for easier access for cars to the site. Kearny has seen significant multifamily and commercial development close to this site, signaling a willingness of the city to approve projects, as well as a demand in the market place for quality, multifamily units.