June 10, 2022 – Michael Lombardi, Michael Agrifolio, Steven Schiavello, and Patrick Gray of Horvath & Tremblay have successfully completed the sale of a Mixed-Use Property in Haledon, New Jersey. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,250,000.
The Mixed-Use property is located at 347 Belmont Avenue in Haledon, New Jersey. The property is comprised of a three-story mixed-use building with commercial space on the first floor and residential units on the second and third floors. The Property is improved by a restaurant and a travel agency on the first floor, and four (4), 2-Bedroom/1-Bathroom residential units on the upper floors. The building has a total area of 7,000 square feet and is situated on a 0.06-acre parcel of land, with on-site parking. The Property is 100% occupied and is improved by a long-term lease with a restaurant. The restaurant has 8+ years remaining on their lease with attractive 3% annual rent increases. The Property is also occupied by a Travel Agency that has 1+ years remaining on their lease. The Property is situated 100 feet from the signalized intersection of Belmont Avenue and Barbour Street. Belmont Avenue is one of the area’s primary commercial corridors and provides direct access to neighboring Patterson. Additionally, the Property benefits from outstanding visibility and frontage and immediate access to several area interstates and highways providing convenient access to several surrounding towns and cities. The Property is 1.9-miles from the Patterson Train Station and 2.1-miles from the Hawthorne Train Station and is within 100 feet of a NJ Transit Bus Stop (Route 703). The Property also benefits from its proximity to numerous interstates and state highways (Interstate 80, Garden State Parkway, US Route 46, and NJ Routes 17 and 208). Haledon is a small bedroom suburb of New York City, located in Passaic County within the New York metropolitan area. The affluent and densely populated area is 15-miles west 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.