279 Glenwood Ave Local commercial 372 m² 50 % Loué À vendre Bloomfield, NJ 07003 898 407 € (2 417,59 €/m²)

279 Glenwood Avenue, Bloomfield, NJ
Re-Development Opportunity | Mixed-Use Potential
Asking Price: $1,045,000
Property Overview
Prime re-development opportunity in the heart of Bloomfield, located at 279 Glenwood Avenue. The current property offers approximately 4000 SF of total space with proposed (not yet approved) plans for a 23,835SF, 15-unit residential development and 2 commercial units, making it an attractive repositioning play for investors and developers.
Current Income & Rent Roll
The property is currently partially leased, generating income through three existing tenants:
• Tenant 1: $825/month
• Tenant 2: $850/month
• Detached Garage: $1,200/month
Zoning & Permitted Uses
The site is situated in the BCRD-II (Bloomfield Center Re-development Plan) zoning district with a wide range of approved commercial uses, including:
• Multi-Family
• Restaurants & Cafes
• Art Galleries
• Schools & Educational Institutions
• Houses of Worship
• Indoor Recreation Facilities
• Office Space (restricted to upper floors)
Investment Highlights
• Redevelopment Upside: Proposed plans for 15 residential and 2 commercial units (not approved).
• Income in Place: Existing tenants provide interim cash flow.
• Versatile Zoning: Broad range of approved commercial uses supports multiple exit strategies.
• Desirable Location: Positioned in Bloomfield, an area seeing steady residential and commercial growth across the street from the Bloomfield Train Station, anchor grocery store, parking decks, restaurants and other strong community amenities.