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$1,299,000
Est. payment /mo
7,800 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 7,800 sqft
Price per Sqft $166
Subdivision South Ward
MLS Listing ID 3952551
Year Built 1960
Annual Tax Amount $29,249
Tax Year 2024
Lot Size 6,969 Sqft
Property Sub-Type Mixed Use
Property Description
Introducing 742 Lyons Ave Mixed Use, a 3-story masonry construction offering +7,800 sf inclusive of 7 separately metered income producing units; four 3-Bed/1-Bathapartment dwellings and three retail storefronts anchored by national pizza brand. Current 100% occupancy serves as basis for in-place cash flow and apartment rental income upside ranging -52% below the area's median market rate. Built around 1960, this corner lot asset benefits from high corner lot visibility at a signalized 4-way traffic intersection adjacent to the Garden State Parkway and close proximity to I78/Irvington Park. The property is zoned B-1 "Neighborhood Business" offering versatile potential for businesses. Amenities include on-site driveway parking for 5-6 vehicles and immediate access to public bus transportation. With scalable rental improvement and excellent location, this property presents a compelling opportunity for Core Plus/Value Add investors seeking long-term growth potential in the commercial real estate space.
Location
State NJ
County Essex
Zoning B-1
Rooms
Basement Unfinished
Interior
Heating Gas-Natural
Cooling See Remarks, Window A/C(s)
Equipment See Remarks
Heat Source Gas-Natural
Exterior
Exterior Feature Vinyl Siding
Garage Spaces 5.0
Utilities Available Electric, Gas-Natural
Roof Type Flat
Building
Lot Description Corner, Level Lot
Story 3
Sewer Public Sewer
Water Public Water
Others
Ownership Fee Simple
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Listed by COLDWELL BANKER REALTY