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Mixed-Use

640 Bloomfield Ave

640 Bloomfield Ave, Verona, NJ 07044

Listing Price: $2,000,000

Cap Rate
5.23%
Number of Units
2
Price/Unit
$1,000,000
Price/Gross SF
$350.88
Gross SF
5,700

Investment Overview

Marcus & Millichap is pleased to exclusively list the property located at 640-644 Bloomfield Avenue in Verona, Essex County, New Jersey for sale. The property is a mixed-use building occupied by Belle Gente, a popular Italian restaurant and banquet room, and an upscale three-bedroom / two-bathroom apartment on the second floor. Belle Gente does a large take-out business and has outdoor dining during the pandemic. The second floor was gut renovated to accommodate an open space design, two,100 square-foot high-end three-bedroom / two-bathroom apartment with two separate central A/C lines. Previously the second floor contained four one-bedroom / one-bathroom apartments and the current configuration can easily be converted into two two-bedroom / one- bathroom units. Both the apartment and the restaurant are separately metered to cover heat, hot water, electric and gas usage.

Belle Gente is one of Veronas most popular Italian restaurants offering a banquet hall with a maximum capacity of 142 seats and a casual dining room with a maximum capacity of 70 seats based on Veronas fire code. The restaurant comes complete with a beautiful fireplace, tin ceilings, and a take-out counter. Upon acquisition of the property in 2014 the current owner added a 600 square foot professional kitchen at the rear of the building. The restaurant is currently in operation with 24 outdoor seats, and take-out which includes pizza delivery.

The subject property is ideally situated in Veronas Central Business District on Bloomfield Avenue, which is a major commercial thoroughfare in Essex County. It is approximately twenty miles from New York City. Bus service to New York City is available and New Jersey Transit train station in Montclair is nine minutes away. Five parking spaces are included with the property. Additionally, a 28-space municipal lot is located directly behind the building.
640-644 Bloomfield Avenue is an excellent opportunity for a restaurateur seeking to tap into the growing food scene in Essex County or an investor looking for a value-add opportunity through maximizing the income stream of an under-utilized residential floor plan.

Investment Highlights

  • Ground Floor Fully Built Out Restaurant / Banquet Room In-line with Other Retail
  • Five Parking Spaces with adjacent Municipal Parking Lot with 28 Spaces
  • Upon Reconfiguration The 2nd Floor Residential Units Will Provide Additional Income
  • Approximately 20 Miles from New York City
  • Fully Operating with Sizeable Take Out Business and Outdoor Dining

Exclusively Listed By

Financing By

Listing Price: $2,000,000

Cap Rate
5.23%
Number of Units
2
Price/Unit
$1,000,000
Price/Gross SF
$350.88
Gross SF
5,700

Investment Highlights

  • Ground Floor Fully Built Out Restaurant / Banquet Room In-line with Other Retail
  • Five Parking Spaces with adjacent Municipal Parking Lot with 28 Spaces
  • Upon Reconfiguration The 2nd Floor Residential Units Will Provide Additional Income
  • Approximately 20 Miles from New York City
  • Fully Operating with Sizeable Take Out Business and Outdoor Dining

Investment Overview

Marcus & Millichap is pleased to exclusively list the property located at 640-644 Bloomfield Avenue in Verona, Essex County, New Jersey for sale. The property is a mixed-use building occupied by Belle Gente, a popular Italian restaurant and banquet room, and an upscale three-bedroom / two-bathroom apartment on the second floor. Belle Gente does a large take-out business and has outdoor dining during the pandemic. The second floor was gut renovated to accommodate an open space design, two,100 square-foot high-end three-bedroom / two-bathroom apartment with two separate central A/C lines. Previously the second floor contained four one-bedroom / one-bathroom apartments and the current configuration can easily be converted into two two-bedroom / one- bathroom units. Both the apartment and the restaurant are separately metered to cover heat, hot water, electric and gas usage.

Belle Gente is one of Veronas most popular Italian restaurants offering a banquet hall with a maximum capacity of 142 seats and a casual dining room with a maximum capacity of 70 seats based on Veronas fire code. The restaurant comes complete with a beautiful fireplace, tin ceilings, and a take-out counter. Upon acquisition of the property in 2014 the current owner added a 600 square foot professional kitchen at the rear of the building. The restaurant is currently in operation with 24 outdoor seats, and take-out which includes pizza delivery.

The subject property is ideally situated in Veronas Central Business District on Bloomfield Avenue, which is a major commercial thoroughfare in Essex County. It is approximately twenty miles from New York City. Bus service to New York City is available and New Jersey Transit train station in Montclair is nine minutes away. Five parking spaces are included with the property. Additionally, a 28-space municipal lot is located directly behind the building.
640-644 Bloomfield Avenue is an excellent opportunity for a restaurateur seeking to tap into the growing food scene in Essex County or an investor looking for a value-add opportunity through maximizing the income stream of an under-utilized residential floor plan.

Exclusively Listed By

Financing By

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