381 Bloomfield Ave

Description

Mixed use investment opportunity located in the heart of Montclair, New Jersey. The property consists of five total units, including a ground floor restaurant and four residential apartments, comprised of two three bedroom units and two one bedroom units, totaling approximately 5,500 square feet.The asset currently generates approximately $143,000 in gross income and approximately $85,000 in net operating income, providing stable in place cash flow. The residential component offers leasing flexibility with three of four units currently on a month to month basis, allowing for potential income growth over time.The retail space is occupied by a restaurant tenant with a lease in place through September 2028 and annual rent increases. Tenant contributes to utilities and certain operating expenses.Located along Bloomfield Avenue, one of Montclair's primary retail corridors, the property is surrounded by restaurants, shops, and neighborhood amenities. The property is within walking distance to the Bay Street Train Station, providing direct access to New York City. Montclair is a well established market known for strong rental demand and limited supply. The ongoing redevelopment of Lackawanna Plaza is expected to further enhance the area with additional residential, retail, and grocery components.