Location Advantage: Located 1.5 blocks from Newark Penn Station, this property offers superb connectivity to New York City, enhancing its appeal to commuters and increasing rental demand. Development Potential: Fully approved for an 8-story building with 56 residential units and 2 commercial storefronts, catering to a high-demand area for housing and retail spaces. Investment Opportunity: Priced at $4,000,000 with a projected Net Operating Income (NOI) of $1,345,139, presenting a robust return on investment given the below-market rent rates and strategic location. Market Positioning: Positioned competitively against regional markets, offering lower rent rates ($45/sf) compared to nearby Jersey City ($60/sf) and NYC ($150/sf), making it an attractive and affordable option. Size and Scope: The lot covers 0.5 acres with a total buildable area of 47,456 square feet, ideal for developers looking to capitalize on Newark's growth and redevelopment efforts. Ready to Build: The project is shovel-ready, eliminating preliminary preparation delays and allowing immediate commencement post-acquisition. Community Impact: The development aligns with Newark’s vision for urban transformation, potentially qualifying for urban renewal tax benefits and incentives.