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
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.
We're sorry, we currently don't have assigned school data for this listing.
Nearby Schools
1
/10
East Ward Elementary School
104 Oliver St
Distance between this listing and this school0.63 miles
Public District Grades PK-3
4
/10
Newark Educators Community Charter School
9-11 Hill St
Distance between this listing and this school1.43 miles
Public Charter Grades PK-4
5
/10
Hamilton Intermediate School
223 Hamilton St
Distance between this listing and this school1.76 miles
Public District Grades 4-5
Nearby Schools
5
/10
Ann Street Elementary School
30 Ann St
Distance between this listing and this school0.08 miles
Public District Grades PK-8
6
/10
Wilson Avenue Elementary School
19 Wilson Ave
Distance between this listing and this school0.40 miles
Public District Grades PK-8
6
/10
Lafayette Street Elementary School
205 Lafayette St
Distance between this listing and this school0.63 miles
Public District Grades PK-8
Nearby Schools
2
/10
East Side High School
238 Van Buren St
Distance between this listing and this school0.17 miles
Public District Grades 9-12
4
/10
Great Oaks Legacy Charter School
909 Broad St
Distance between this listing and this school1.17 miles
Public Charter Grades PK-12
3
/10
Marion P. Thomas Charter School
88-108 Shipman St
Distance between this listing and this school1.43 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. The majority of families are single, no kids. The majority of residents in this area 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.
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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.
In October 2024 more than 24 listings in Newark, NJ were sold above the asking price. During the same period more than 3 listings were sold at asking price, while more than 7 were sold below. In October 2024 in Newark, NJ there were 25.4% more homes for sale than in September 2024. In October 2024, listings were on the market for 75 days. During the same period, the median list price in this real estate market was $396,125.
From Rocket Homes Real Estate and based on county public records data.
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