116 Magazine StNewark, NJ 07105

This exceptional Class A multifamily investment opportunity presents a fully approved redevelopment project at 116-122 Magazine Street, Newark, NJ 07105. Situated on a 10,200 square foot lot, this fee-simple property encompasses a single four-story building totaling 35,000 square feet, offering 22,746 square feet of net rentable space. The project is approved for 24 residential units, providing significant potential for strong rental income. The property boasts 24 parking spaces, a valuable amenity in a densely populated urban area. The permitted zoning is R3, allowing for flexibility in future development or expansion. Detailed site plans are available upon request, providing comprehensive information on the approved design and construction specifications. This is a rare chance to acquire a fully permitted, high-potential multifamily property in a rapidly growing Newark neighborhood. The asking price is $1,699,000. Don't miss this chance to capitalize on this lucrative investment opportunity.