August 12, 2024 – Michael Lombardi of Horvath & Tremblay has successfully completed the sale of a Mixed-Use Building in Elizabeth, New Jersey. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,600,000.
The Property is located at 324-326 Morris Avenue in Elizabeth, New Jersey. The mixed-use investment Property contains two buildings with eight (8) total units comprised of four (4) commercial units on the ground floor (two in each building) and four (4) residential units on the upper floors. The two buildings are positioned on a 0.22-acre parcel. The Property offers significant upside through the lease-up of the four residential units and a 1,000 square foot vacant commercial unit. The Property is located along Morris Avenue, 400 feet from the intersection with Westfield Avenue. Nestled in the heart of Elizabeth, the Property is a short walk (5-minutes) from the Elizabeth Train Station and is within 1.5-miles of several national retailers including Stop & Shop, ShopRite and Walgreens and numerous nationally branded restaurants. The Property is surrounded by densely populated residential neighborhoods that drive traffic to the area and benefits from its proximity to the area’s primary roadways, Kean University, Trinitas Regional Medical Center (Hospital) and Newark International Airport.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in 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.