A mixed-use building at 553 Bloomfield Avenue, located between Maple Place and Park Street in Montclair, New Jersey, was sold in an all-cash transaction valued at $455,000.
The three-story building is approximately 4,875 square feet and sits on a 25’ x 80’ lot. The sale price equates to approximately $93 per square foot.
Located in the heart of downtown Montclair, with easy access to Interstate 280, the Garden State Parkway and NJ transit, this bank owned building offers significant upside potential.
“The location of this property was the main draw to investors as the property is located in downtown Montclair, just steps from great shopping and nightlife,” said Kobi Leifer, Director of Sales at Massey Knakal, who exclusively handled this transaction with Clint Olsen. “The new owners will not have a problem achieving market level rents,” added Leifer.
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Neighborhoods: Essex County