48 Elm Rd Newark NJ 07105

Discover an exceptional development opportunity at 48 Elm Rd in the sought-after Ironbound section of Newark, NJ. This property comes with city-approved plans for transforming the existing single-family home into a modern three-family residence, making it an ideal investment for developers looking to buy and hold or build and sell.

The approved plans include a spacious 2,160-square-foot garage on the ground floor, complemented by an additional 365-square-foot outdoor patio area. The second floor features two units: Unit 201, a 2-bedroom, 2-bathroom apartment totaling 845 SF, and Unit 202, another 2-bedroom, 2-bathroom unit with 797 SF. The third floor boasts a luxurious 3-bedroom, 3-bathroom apartment, complete with a den, office, living room, and kitchen, spanning 1,697 SF.

Key features of the development include:

• Garage: On-site parking for 3 cars.
• Elevator: Convenient access from the ground floor to the rooftop.
• Rooftop Garden Lounge: A deck that can accommodate up to 20 people, offering stunning views of Downtown Newark.
• High-End Finishes: Hardwood floors, central AC, energy-efficient lighting, and brand-new appliances in each unit.
• In-unit laundry: Each apartment includes a washer/dryer for added convenience.
• Private financing for acquisition and construction is available upon request.

For developers looking to maximize the potential of this property, there is an option to eliminate the elevator and increase the square footage of the apartments. The 4th floor can be split into two separate units or converted into condos with city approval for a lucrative condo conversion project.

The layout is also perfect for Airbnb, offering flexible rental opportunities and the potential for high returns in this desirable location. Airbnb management services are available post-construction, offering investors a hands-off, passive income opportunity.

This well-positioned property, featuring an oversized lot, offers numerous possibilities. Whether you build and hold or sell the completed units, this project presents a promising opportunity for significant returns on investment.

Located just minutes from Newark Penn Station, with easy access to NY Penn Station, the Light Rail, and Downtown Newark, 48 Elm Rd is perfectly positioned in a thriving community, making it a prime choice for developers ready to capitalize on the area's growth.

Don’t miss this rare opportunity to invest in one of Newark’s most desirable neighborhoods.