897 Ringwood Ave,Wanaque Boro, NJ 07420
Wanaque Boro, NJ 07420
Description
Prime Investment Opportunity: Turnkey Hospitality & Multi-Phase Development Opportunity!!Rarely does a property offer immediate cash flow along with development potential. Situated on a high-visibility deep lot, this multifaceted site is ideal for the strategic investor or owner-operator looking to diversify their portfolio.The Restaurant: Fully renovated, functioning (QSR) restaurant. * New HVAC, plumbing, electrical systems, framing, insulation, bathrooms, etc. * Contemporary dining room with high-end fixtures and a welcoming atmosphere. * Fully equipped with commercial-grade appliances and optimized for high-volume service.Single-Family Rental: Attached to the restaurant is a single-family home, currently utilized as a rental property.The Future: Conceptual Apartment Development!Maximize the "highest and best use" of this land. Included with the sale are professional conceptual drawings for multi-family residential expansion designed by the township engineer.Concept A: 11-units ,1,236sf per unit over 3 floors (knock down all existing structures)Concept B: 5-units, 1,200sf per unit over 2 floors and keep the existing restaurant but knock down the house Concept C: 3-4 units, 1,500sf per unit over 2 floors and keep the existing restaurant but knock down the houseConcept D: 9-units, 1,000sf per unit over 3 floors (knock down all existing structures)Additional Revenue: Active Truck Parking currently generates auxiliary income by leasing out truck parking spots.
Details
| MLS # | 4017006 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1920 |
| Days On Site | 181 |
| Listing Provided By | BHHS FOX & ROACH | ROMAN DRUKAROV |
Features
| Basement | Y |
|---|---|
| Story(s) | 2 |
| Units | 2 |
| Zoning | Commercial |
Taxes
| Property | 15230 |
|---|
Area Information
| State | NJ |
|---|---|
| County | Passaic |
| City | Wanaque Boro |
| Zip Code | 07420 |
| Area | Passaic |
| Listing VS Median (in 07420) | |
Price: $1,500,000 low | high Med: $470,000 On site: 181 low | high Med: 92 | |
Market Activity 07420
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Learn More About This Property
| State | NJ |
|---|---|
| County | Passaic |
| City | Wanaque Boro |
| Zip Code | 07420 |
| Area | Passaic |
| Listing VS Median (in 07420) | |
Price: $1,500,000 low | high Med: $470,000 On site: 181 low | high Med: 92 | |
