786 Broad St, Newark, NJ 07102

Asking: $ 14,950,000

Description

Downtown Newark Value-Add Development Opportunity in Designated Opportunity Zone.​ The subject property is located at 786 Broad Street on the premier intersection in Downtown Newark (Market Street and Broad Street).​ Currently, the property consists of ground floor retail with 15 floors of vacant office above.​

• Prime Location for Converting Vacant Office Space to Apartments.​ Mixed-Use Developments are strongly encouraged within this downtown district to foster the revitalization of the city.​

• Excellent Location in the Heart of Broad Street.​ The subject property is situated on the best corner in downtown Newark, the signalized intersection of Broad Street and Market Street.​ The property is in the center of Newark’s vibrant downtown district with easy access to Light Rail Stations and Newark Penn Station.​ Numerous national retailers, high rise Apartment buildings, and Class A Office buildings surround the property.​

• Numerous Major Developments Currently Underway or Recently Completed on the Broad Street Corridor.​ Newark’s Downtown district currently has over $2 Billion in Project Costs for recently completed projects, currently under construction projects, or future projects.​ These projects are comprised of approximately 2,400 Residential Units, 600,000 square feet of Retail space, and 230,000 square feet of Office space.​ (Source: www.​downtownnewark.​com.​)

• Tremendous Density Demographics.​ There are over 50,000 people living within a 1 mile radius and 350,000 people within a 3 mile radius of the property.​ In addition to the local residents, there are over 50,000 commuters coming into Downtown Newark each workday (nj.​gov).​

• Strong Traffic Counts and Visibility.​ Approximately 50,000 cars per day are passing by the property.​ In addition to vehicular traffic, there is a steady volume of pedestrian traffic walking by this corner.​

Listing provided courtesy of Alan Cafiero, Marcus & Millichap.