Multifamily
500-504 Cherry St
500-504 Cherry St, Elizabeth, NJ 07208
Listing Price: Request For Offer
Investment Overview
Marcus & Millichap is excited to bring the property located at 500-504 Cherry Street (Block:158 Lot:26) to market for sale. The property is a 19-unit rooming house with 18 rooms and 1 apartment.
500-504 Cherry St
Investment Highlights
- Rooming house with 18 rooms and 1 super's apartment 1Bed/1Bath & two car garage and additional parking
- 0.38 Acre corner lot with 65 ft of frontage on Cherry St and 200 frontage on Stiles Street
- Highly desirable R-3A Zoning, which permits multi-family development
- Strong market fundamentals - 4.5% vacancy rate and 60% renter occupied households within 5 mile radius
- Grandfathered legal nonconforming rooming house. No new rooming house licenses will be granted. This creates high demand environment for the limit inventory of rentable rooms.
Exclusively Listed By
Listing Price: Request For Offer
Investment Highlights
- Rooming house with 18 rooms and 1 super's apartment 1Bed/1Bath & two car garage and additional parking
- 0.38 Acre corner lot with 65 ft of frontage on Cherry St and 200 frontage on Stiles Street
- Highly desirable R-3A Zoning, which permits multi-family development
- Strong market fundamentals - 4.5% vacancy rate and 60% renter occupied households within 5 mile radius
- Grandfathered legal nonconforming rooming house. No new rooming house licenses will be granted. This creates high demand environment for the limit inventory of rentable rooms.
Investment Overview
Marcus & Millichap is excited to bring the property located at 500-504 Cherry Street (Block:158 Lot:26) to market for sale. The property is a 19-unit rooming house with 18 rooms and 1 apartment.
Exclusively Listed By
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