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$280,000
Est. payment /mo
2,178 Sqft Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 4023449
HOA Y/N No
Annual Tax Amount $1,671
Tax Year 2025
Lot Size 2,178 Sqft
Property Description
Presenting a unique investment opportunity in the heart of Newark?s rapidly evolving University Heights neighborhood. Currently utilized as a paved parking lot, this 19' x 108'parcel offers a deep footprint for creative urban development. While the lot is considered undersized by traditional standards, it stands to benefit significantly from Newark?s recent"Streamline Small Development" administrative changes. These updated local ordinances are designed to fast-track housing production by allowing three-family dwellings and othersmall-scale projects on grandfathered undersized lots to be approved administratively. This crucial shift potentially allows a developer to bypass the lengthy Planning Board hearing process. The property?s location on Orange Street, a recognized primary corridor, provides a versatile canvas for a mixed-use signature building. Prospective owners can explore adesign that incorporates a ground-floor commercial space to serve the high-traffic corridor, topped with high-density residential units. Although the 19-foot width naturally prohibits afront-facing driveway under current city codes, the path to development is clear through minor variances. A developer might seek a parking requirement waiver given the site'sexceptional transit proximity or satisfy requirements via a rear alley configuration. These small variances are well-supported by the city?s current push for "Transit-OrientedDevelopment" and the logistical realities of historic Newark lots. The location is a commuter?s dream and a magnet for the city?s professional and academic population. Situated just 5 blocks from the Orange Street Light Rail Station, residents enjoy a seamless five-minute connection to Newark Penn Station, offering world-class access to PATH trains, NJ Transit, and Amtrak for easy commutes to Jersey City and Manhattan. The property is also perfectly positioned to capture the robust rental demand from the neighboring University District, home to NJIT, Rutgers-Newark, and Essex County College. Beyond its commercial and transit appeal, the neighborhood offers significant lifestyle amenities. The property is located just 2 blocks from the iconic Branch Brook Park. This proximity to premium green space, combined with the administrative ease of the new "Streamline" rules, makes this property an ideal acquisition for a savvy developer looking to capitalize on Newark?s urban renaissance.
Location
State NJ
County Essex
Building
Lot Description Level Lot
Sewer Public Sewer in Street
Water Public Water in Street
Others
Senior Community No
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Sharon Burroughs-Clarke
Broker Associate | License ID: 1752455
Broker Associate License ID: 1752455