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Mixed-Use

Oliver Street Development

16 Oliver St, Newark, NJ 07102

Listing Price: $18,000,000

Number of Units
399
Occupancy
1.0%
Price/Unit
$45,113
Price/Gross SF
$35.50
Gross SF
507,042

Investment Overview

Marcus & Millichap has been exclusively retained to present a tremendous development opportunity in Newark, New Jersey's Lincoln Park redevelopment zone. Located on a .89 Acre parcel just blocks from downtown and Newark Penn Station, this proposed development is 20 stories, comprised of 17 floors of residential housing along with ground floor retail. Five floors (two sub-level) of parking provide 359 spaces. This property is also located in a qualified Opportunity Zone, providing an investor/developer with the added benefit of taking advantage of tax incentives. Currently, the lot is occupied by two buildings (5 commercial tenants) and a parking lot, each generating income for a new buyer while they pursue approvals. The Lincoln Park redevelopment zone plan has approved this lot for taller office and mixed-use buildings with a minimum of three stories. There is no maximum to the number of stories permitted. The development zone primarily limits building heights to 6 stories or less. This property sits in the Mulberry mixed use district, which is the only district that has no limitations on permitted height. Newark, New Jersey's resurgence is not limited to the numerous commercial and residential developments in the downtown area. In fact, multi-million dollar investments are being made to improve the public transportation systems (Newark Penn Station/Newark Liberty Airport), public spaces (Mulberry commons/Riverwalk), and revitalize cultural structures (Symphony Hall

Investment Highlights

  • 20 Story mixed use building in downtown Newark, NJ
  • 399 Units: 397 Residential/ 2 commercial
  • Studio, One, Two and Three bedroom Units
  • Just blocks from Newark Penn Station, Prudential Center
  • Located in the Lincoln Park Redevelopment zone
  • Zoning for this area has no maximum height limit
  • Opportunity Zone location allows investors/developers to take advantage of available tax incentives

Exclusively Listed By

  • Chip Collins

    First Vice President Investments

    (201) 742-6124

    Email Chip

    License(s): NJ: 0016571, NY: 10401230649, PA: RSR001965

    New Jersey

Mixed-Use

Oliver Street Development

Listing Price: $18,000,000

Number of Units
399
Occupancy
1.0%
Price/Unit
$45,113
Price/Gross SF
$35.50
Gross SF
507,042

Investment Highlights

  • 20 Story mixed use building in downtown Newark, NJ
  • 399 Units: 397 Residential/ 2 commercial
  • Studio, One, Two and Three bedroom Units
  • Just blocks from Newark Penn Station, Prudential Center
  • Located in the Lincoln Park Redevelopment zone
  • Zoning for this area has no maximum height limit
  • Opportunity Zone location allows investors/developers to take advantage of available tax incentives

Investment Overview

Marcus & Millichap has been exclusively retained to present a tremendous development opportunity in Newark, New Jersey's Lincoln Park redevelopment zone. Located on a .89 Acre parcel just blocks from downtown and Newark Penn Station, this proposed development is 20 stories, comprised of 17 floors of residential housing along with ground floor retail. Five floors (two sub-level) of parking provide 359 spaces. This property is also located in a qualified Opportunity Zone, providing an investor/developer with the added benefit of taking advantage of tax incentives. Currently, the lot is occupied by two buildings (5 commercial tenants) and a parking lot, each generating income for a new buyer while they pursue approvals. The Lincoln Park redevelopment zone plan has approved this lot for taller office and mixed-use buildings with a minimum of three stories. There is no maximum to the number of stories permitted. The development zone primarily limits building heights to 6 stories or less. This property sits in the Mulberry mixed use district, which is the only district that has no limitations on permitted height. Newark, New Jersey's resurgence is not limited to the numerous commercial and residential developments in the downtown area. In fact, multi-million dollar investments are being made to improve the public transportation systems (Newark Penn Station/Newark Liberty Airport), public spaces (Mulberry commons/Riverwalk), and revitalize cultural structures (Symphony Hall

Exclusively Listed By

  • Chip Collins

    First Vice President Investments

    (201) 742-6124

    Email Chip

    License(s): NJ: 0016571, NY: 10401230649, PA: RSR001965

    New Jersey

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