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