Historic Property, Zoned for Professional/Mixed Use, Available in the Historic Section of Forest Hill, Newark

Situated on professional row, a span of three, tree-lined blocks between Berkeley Avenue and Elwood Avenue on prestigious Mt Prospect Avenue, this property has been completely redesigned and renovated. And, the purchase price has just been reduced $75,000 to $675,000. Plus, the seller will consider leasing 

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An array of open and closed office spaces on two floors, plus extensive parking in the rear of the building, makes this property ideal for a broad range of professional and service businesses. Legal, medical and dental offices are an obvious fit. So are technology companies, creative and marketing services, such as advertising agencies and design studios, as well as architectural firms. Your business will be just close enough to the expanding commercial, business and education footprint of downtown Newark, while being comfortably located in historically significant Forest Hill. Note: Interior configurations can easily be altered to meet your specific needs.

Finally, the third floor contains two single-bedroom apartments which can produce revenue, or be used to house staff when working long into the night preparing for that early-morning meeting.

Vital statistics for 488-490 Mt Prospect Avenue, Newark:

  • Corner-to-corner, the building comprises an estimated 4,324+ ft2 (est).
  • First-floor office space measures approximately 1,776 ft2
  • Second-floor office space measures approximately 1,591 ft2
  • Two, single-bedroom apartments are on the third floor, each one measuring 600+ ft2
  • Parking in the rear for 9 cars

Important considerations:

  • This property is located in the most prestigious professional environment in Newark. Surrounded by attorneys and physicians, it borders the magnificent, residential section of historic Forest Hill, which is noted for its stunning, turn-of-the-century homes and mansions.
  • Properties in this area seldom become available. There have been only three sales in the past 5 years, one of which was the subject property. mt prospect partnership logo
  • Because of its location and zoning for professional or mixed use, the owners of the property benefit from an association with the Mt Prospect Partnership, a non-profit that guides development of the area, and provides street cleaning and security services.

Offered for sale at $675,000, the property is also available for lease through United Real Estate – North Jersey. Contact Brian McCabe at 973-865-1863 to make an appointment to see this outstanding property or call your real estate agent.

Categories: All Posts, Commercial, Newark

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