October 29, 2024 – Michael Agrifolio and Michael Lombardi of Horvath & Tremblay has arranged the sale of a six (6) unit mixed-use property in Belleville, New Jersey. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,100,000.
The mixed-use Property is located at 542 Washington Avenue in Belleville, New Jersey. The Property consists of a two-story mixed-use building with commercial space on the first floor and residential units on the second floor. The Property has six (6) units comprised three (3) commercial units on the first floor and three (3) residential units comprised of one (1), 1-Bedroom/1-Bathroom unit, one (1), 2-Bedroom/1-Bathroom unit, and one (1), 3-Bedroom/1-Bathroom unit on the second floor. Two of the commercial units will be delivered vacant offering significant upside through the lease up of the vacant space. The third unit is occupied by Henny’s Beauty Supplies on a month to month basis. The Property is strategically located at the signalized intersection of Overlook Avenue and Washington Avenue (NJ Route 7), one of the area’s primary commercial corridors. Located on the edge of a densely populated residential neighborhood, 542 Washington Avenue enjoys close proximity to area shopping and dining and is close to several Train Stations with direct service to Manhattan’s Penn Station, and is 5-miles from Newark’s Penn Station. The Property also offers convenient access to the Garden State Parkway, NJ Route 21, and Interstate 280 as well as area schools, national retailers and restaurants, and the Mountainside and Clara Maass Medical Centers. Belleville is a residential suburb of New York City and is 16-miles west of the City.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.