Palisades Park, NJ 07650,402 Broad AVE
Palisades Park, NJ 07650,402 Broad AVE
Palisades Park, NJ 07650,402 Broad AVE
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Listed by Christian C. Di Stasio Prominent Properties Sotheby's International Realty-Tenafly
$1,749,888
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402 Broad AVE Palisades Park, NJ 07650

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Jonathan Greene

Jonathan Greene

+1(973) 873-0734

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Key Details

Property Type Multi-Family

Sub Type Res/Com Mixed

Listing Status Active

Purchase Type For Sale

MLS Listing ID 26001935

Style Res/Com Mixed

Property Sub-Type Res/Com Mixed

Property Description

Ideally positioned on the corner of the town’s main commercial corridor with exceptional foot and vehicular traffic, this well maintained Broad Avenue mixed use building offers a rare investment opportunity. The property is anchored by a Banner Deli & Liquors, a long standing ground floor commercial tenant with over 50 years of continuous operating history (business also available for purchase), providing stable income and strong visibility. The street level commercial space features a full kitchen, customer bathroom, dinning area, retail space and a full basement with dedicated office space, dry and cold storage. (Fixtures/appliances are the property of the tenant). The second floor of the building includes two, 2 bedroom residential apartments with separate entrances. Additional income generation opportunity comes from two static billboard advertising placements, with upside potential through conversion to a digital billboard (subject to municipal approvals and permits). The property delivers a 6.98% cap rate, with a current monthly rent roll of approximately $12,800, annual gross income of $153,000 and an annual NOI of approximately $139,600 per year. (excluding any billboard income) An amazing opportunity, don't miss out.

Location

State NJ

County Bergen

New Jersey MLS (NJMLS)

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Jonathan Greene

Jonathan Greene

Broker of Record | License ID: 1433604

+1(973) 873-0734

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