NewswireToday - /newswire/ -
New York, NY, United States, 2011/09/20 - ERG Property Advisors is pleased to announce the sale of 277-283 Clinton Avenue in Newark, NJ. This retail property is located half a block from the intersection of Elizabeth Avenue, Clinton Avenue and Avon Avenue.
The building sold for $900,000. The building is approximately 25,815 square feet and is situated on a 12,907 square foot lot. The estimated net operating income for the property is $90,020. The cap rate is 10.00%.
The property (ergclintonave.com) is a two-story, multi-tenant retail building with access to Avon Avenue through a deeded easement through lot 17 to the north. Access to both Avon and Clinton Avenues via the easement creates the potential for drive-thru retail conversion, among other allowed uses.
The immediate area is undergoing significant gentrification and redevelopment. New housing, retail and nightlife have recently been developed in this area of Newark. B3 zoning allows for a commercial building height of 140 feet for residential units. An indoor ramp provides access to parking on the second floor.
The building has eight retail tenants and zero vacancies; the current tenants have a yearly 5% rent increase and pay their own utilities.
ERG’s Andrew Greenberg brokered the deal. For more information about this property, please contact Andrew Greenberg at (646) 253-0950 or at agreenberg[.]ergpa.com.
About ERG Property Advisors
ERG Property Advisors is a full-service commercial brokerage company based in New York City. Its core activities are investment sales, retail leasing, and strategic consulting. While focused on the broader New York City area as a company, ERG also offers specific market knowledge at the submarket level. Beyond core New York City properties, ERG has access to a vast network of NNN properties throughout the United States. In addition to assisting property owners and prospective buyers, ERG provides banks, appraisers, attorneys, and accountants with information and skill sets that support them in their respective roles.