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Property Detail

Pehle Avenue
901–915 Paterson Plank Road is mixed-use asset featuring five fully occupied units .
$300,000

Description

  • 901–915 Paterson Plank Road is mixed-use asset featuring five fully occupied units on month-to-month terms, offering a unique value-add opportunity.
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  • Situated in a low-density residential zone, offering tremendous development potential in the New York City metro area.
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  • Within a population of over 1.5 million with a median household income of $103,000, offering strong consumer spending potential and demand.
  • Steps from John F Kennedy Boulevard and Grand Avenue, with convenient access to major highways such as I-495, I-95, and the George Washington Bridge.
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  • Located in a vibrant retail and business community near national retailers, including ShopRite, Aldi, Starbucks, Dunkin’, and Chase Bank.
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  • Hudson Waterfront submarket is experiencing low vacancy rates and increasing rental demand, positioning this asset for significant upside.

Executive Summary

901 – 915 Paterson Plank Road is a prime 8,585-square-foot mixed-use building frontage along Paterson Plank Road and 9th Street in North Bergen, New Jersey. This income-producing asset sits on two parcels, comprising five units, two residential apartments, and three retail units. Located in a low-density residential zone, offering an investor a tremendous development opportunity in the New York City metro area. The existing structures include a two-story residential structure and a single-story warehouse/garage, allowing easy demolition. The asset is fully occupied by tenants on month-to-month lease terms. 901-915 Paterson Plank Road is a rare opportunity to acquire a performing property with immense value-add in a growing residential market.

This property is ideally located just steps from major thoroughfares such as John F Kennedy Boulevard and Grand Avenue, providing excellent connectivity to key regional routes, including the George Washington Bridge, Lincoln Tunnel, Interstates 495 and 95, and Routes 1 and 9. Public transit access is also within easy reach, serving a diverse and vibrant business community. The surrounding area boasts a variety of national retailers like ShopRite, Dollar General, Aldi, Starbucks, Dunkin’, Chase Bank, and popular fast-food chains like Popeyes and KFC, contributing to the thriving retail environment.

North Bergen’s proximity to New York City, along with its relaxed yet accessible vibe, makes 901–915 Paterson Plank Road a rare find in an increasingly desirable market. With a dense population of over 1.5 million and a median household income of $103,000 within 5 miles, the area offers significant consumer spending potential of nearly $4.2 billion annually. The asset is in a renter-dominated location where 73% of the population are renters. The location, with its high percentage of renters and growing retail demand, makes it an attractive option for investors looking to capitalize on the thriving Hudson Waterfront multifamily submarket. This property represents an exceptional value-add opportunity in a strong and evolving market, poised for continued growth.

Property tours are available by appointment only. Please contact the broker to schedule.

100% Occupied Mixed-Use/Development Site

Listing ID : 00598

SKU: 598

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Price History

DateEventPrice
December 4 2024Listed$300,000.00