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
Property Features
Listing Office:
Office Name: COMPASS NEW JERSEY LLC
Office Phone: (347) 292-8750
Lot Features
Lot Information:
Lot Size: 0.07 Acres
School Info
Assigned Schools Information:
East Side High School, Public District Grades 9-12
Malcom X Shabazz High School, Public District Grades 9-12
Central High School, Public District Grades 9-12
Ann Street Elementary School, Public District Grades PK-8
Other
Directions Information:
Directions: Wilson Ave Exit off Route 1-9
Price Information
Listing Price Info
Price Summary:
List Price: $600,000
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Housing Market Comparison
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
Elementary School
5
/10
Ann Street Elementary School
30 Ann St
Distance between this listing and this school0.08 miles
Public District Grades PK-8
High School
2
/10
East Side High School
238 Van Buren St
Distance between this listing and this school0.18 miles
Public District Grades 9-12
1
/10
Malcom X Shabazz High School
80 Johnson Ave
Distance between this listing and this school1.85 miles
Public District Grades 9-12
1
/10
Central High School
250 18th Ave
Distance between this listing and this school1.92 miles
Public District Grades 9-12
Assigned Schools
5
/10
Ann Street Elementary School
30 Ann St
Distance between this listing and this school0.08 miles
Public District Grades PK-8
Nearby Schools
5
/10
Wilson Avenue Elementary School
19 Wilson Ave
Distance between this listing and this school0.39 miles
Public District Grades PK-8
3
/10
Lafayette Street Elementary School
205 Lafayette St
Distance between this listing and this school0.63 miles
Public District Grades PK-8
Nearby Schools
9
/10
The Gray Charter School
55 Liberty St
Distance between this listing and this school0.89 miles
Public Charter Grades KG-8
5
/10
Discovery Charter School
230 Halsey St
Distance between this listing and this school1.26 miles
Public Charter Grades 4-8
4
/10
Great Oaks Charter School
24 Main St
Distance between this listing and this school1.29 miles
Public Charter Grades 6-9
Assigned Schools
2
/10
East Side High School
238 Van Buren St
Distance between this listing and this school0.18 miles
Public District Grades 9-12
1
/10
Malcom X Shabazz High School
80 Johnson Ave
Distance between this listing and this school1.85 miles
Public District Grades 9-12
1
/10
Central High School
250 18th Ave
Distance between this listing and this school1.92 miles
The neighbors living near this home have an average income of $55,303. Typical income of Newark, NJ residents is between $35k-100k annually. Most families are single, no kids. Residents of this area typically have high school diploma education.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 48 Elm Rd
What is the listing price of this property?
The listing price of 48 Elm Rd property is $600,000.
What type of property is this?
The property 48 Elm Rd is land located in Newark City, New Jersey, 07105.
Is this property for sale now?
Active Listing: 48 Elm Rd is For Sale (Active/New) which means the seller is accepting offers.
What are the assigned schools for this property?
The assigned schools for 48 Elm Rd are: Ann Street Elementary School: GreatSchools Rating 5/10East Side High School: GreatSchools Rating 2/10Malcom X Shabazz High School: GreatSchools Rating 1/10Central High School: GreatSchools Rating 1/10
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This home is located at 48 Elm Rd in Newark City, NJ and zip code 07105 in the East Ward neighborhood. This home sits on a 0.07 acre lot. It has been listed on Rocket Homes since September 14, 2024 and is currently priced at $600,000.
Newark, NJ housing market in October 2024 saw over 24 listings sold above listed price, more than 3 sold at listed price and over 7 sold below. The number of listings in Newark, NJ increased by 25.4% between September 2024 and October 2024. While the average time on the market in October 2024 was 75 days, the median list price was $396,125.
From Rocket Homes Real Estate and based on county public records data.
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