266 Park Ave
E.Rutherford, NJ 07073
Jennifer Darby Metzger
Broker
(201) 935-6200
Mixed Use Building | Prime Location
Executive Summary
The subject is a two-story 7,608 square foot mixed-use building on a site totaling 0.11 acres within the NC: Neighborhood Commercial zone and is located directly across from the Rutherford train station. The building is currently configured with four retail spaces (one being a full-service restaurant and bar) on the ground floor and four (4) apartments on the second floor. Three of the retail tenants are on a month-to-month basis and the full-service restaurant (Blarney Station) is partially owned by the Landlord. The property is fully occupied. There is a full basement that contains the buildings’ mechanicals and is used as storage for the retail tenants. There is a small outdoor area in the rear of the property mostly used by the retail tenants. Some strengths of 266 Park Ave, East Rutherford are the proximity to train station, the upside potential in rent, and exposure and visibility from Park Avenue and the train.
Unit Mix Breakdown
Monthly | Yearly | |
Nail Salon |
$ 1,800.00 | $21,600 |
Mango Loco/King of Poke | $ 1,575.00 | $18,900 |
Taco Loco | $ 1,950.00 | $23,400 |
Blarney Station | $ 4,350.00 | $52,200 |
Apt 1 | $ 1,150.00 | $13,800 |
Apt 2 | $ 1,150.00 | $13,800 |
Apt 3 | $ 1,275.00 | $15,300 |
Apt 4 | $ 1,400.00 | $16,800 |
Total | $ 14,650.00 | $173,800 |
Property Address
Block / Lot
Lot Size
Building
Number of Units
Real Estate Taxes
266 Park Avenue East Rutherford, New Jersey 07073
Block 73, Lot 4
5,000 sq feet
Two story 7,608 square foot mixed-use building
8 Units
$29,499
Additional Information
Net Rentable Area (NRA) 10,080 Gross Building Area (GBA) 7,608 Ground Floor SF 3,888 Units 8 Total Buildings 1 Floors 2 Year Built 1940.
The subject property is located in East Rutherford and the immediate area is characterized by mixed uses on the subject street. The neighborhood is defined by Hoboken Road to the north; Riverside Avenue to the west; I-95 to the east; and Route 3 to the south.
The subject property is located within the NC: Neighborhood Commercial. Permitted uses include retail and personal services; day care centers; eat-in and takeout restaurants; townhouses; and multifamily residences (minimum lot size of 20,000 SF). Conditional uses include residential apartments above ground floor commercial (a max of two dwelling units may be provided per structure).
MULTI TENANT ROLL
OPERATING HISTORY
COMMERCIAL
RESIDENTIAL
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Residential Floor Plans
Units 1 & 2 are mirror images of each other, those are entered from the 252 door in the front of the building. Units 3 & 4 are mirror images of each other and are entered from the 258 door on the side of the building.
Commercial Floor Plans
RECENT PROJECTS IN THE AREA:
Some notable projects nearby include Central & Oak apartment complex which brought 208 units to East Rutherford in 2020, 480 Paterson Avenue which is a 35-unit apartment building that was completed in 2021, as well as 106 & 118 Park Avenue in Rutherford which was a two phase mixed-use redevelopment that first delivered 52 apartments in 2019 and another 60 apartments in 2023. Additionally there is a new building under construction a few doors down from the subject at 228 Park Avenue that is 45 residential apartments.
SUMMARY:
AN EXCEPTIONAL PROPERTY AND LOCATION FOR THE OWNER USER AND OR INVESTOR!
UNEARNED APPRECIATION FROM AREA ACTIVITY WILL BE SUBSTANTIAL.
Largest commercial tenant has 4 more years left on current lease. Opportunity for higher overall rents.
Upcoming developments near by which may increase property value
Currently 100% occupied
Potential development opportunities
Offered at $2,500,000
Please note, this sale is for the real estate only and does not include any of the current businesses.
Property will be conveyed with all tenants.
Thank you for reviewing this Offering and please contact our office or directly if you have questions on this property or on a current holding.
Best regards,
Jennifer Darby Metzger
Broker Owner
Direct: (201) 935-6200
jennifer@erajustin.com
**All information herein is deemed reliable, not guaranteed and subject to change and verification