September 15, 2023 – Michael Lombardi of Horvath & Tremblay has successfully completed the sale of a mixed-use building in Scotch Plains, New Jersey. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $1,355,000.
The mixed-use building is located at 1718-1720 East 2nd Street in Scotch Plains, New Jersey. The property is comprised of a two-story mixed-use building with commercial space on the first and second floor and residential units on the second floor, totaling 9,200 square feet on a 0.30-acre corner parcel. The Property is zoned B-2 (Business Zone), one of the most versatile zoning designations allowing for a number of redevelopment options and a significant number of possible commercial uses. The commercial space was delivered vacant, providing an opportunity for the new owner to move a business into a well-positioned location, or use as an owner-occupant. The Property is strategically located at the intersection of Willow Avenue and East 2nd Street. The Property is surrounded by commercial tenants along East 2nd Street and densely populated residential neighborhoods. 1718-1720 East 2nd Street is well positioned in between NJ Route 28, one of the area’s primary commercial corridors and US Route 22, one of the area’s primary commuter corridors and is just 3-miles from Interstate 78. The Property also offers convenient access to the Fanwood train station (1-mile away) and the Netherwood train station (1.4-miles away), which provide service to Newark’s Penn Station and Manhattan’s Penn Station. Scotch Plains is a residential suburb of New York City, located in Union County. The community is approximately 25-miles southwest of New York City.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.