$1,395,000
( )
 $7,489 est/mo Sourced by Back At You

245 Dr Martin Luther King J,Newark City, NJ 07102

Newark City, NJ 07102

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Description

Approved Mixed-Use Development Opportunity in Newark?s James Street Commons Historic District. Rare opportunity to own a new mixed-use 4-unit property in one of Newark?s most desirable and strategically located neighborhoods.The proposed project consists of a four-unit mixed-use building featuring three spacious residential apartments and one commercial space, offering an excellent opportunity for an investor, developer, or owner-user.Site plans and survey work have been completed, and City approvals have already been obtained, with working beginning shortly OR this will allow a new owner to move forward with the development process.The three proposed apartments will each feature 2 bedrooms plus a study, with approximately 1,200 square feet per apartment. The commercial space provides flexibility for a variety of potential uses, including retail, professional office, or restaurant, subject to applicable requirements and approvals.The property is located within the James Street Commons Historic District, a nationally recognized historic district in the heart of Newark's University Heights area. The district is home to a mix of historic residential, educational, cultural, and commercial properties and is closely connected to both Rutgers University?Newark and NJIT. Close to NJ TRANSIT Newark Broad Street Station, which provides service on the Montclair-Boonton and Morris & Essex lines.

Details

MLS #4051195
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Year2026
Days On Site35
Listing Provided ByHOWARD HANNA RAND REALTY | THOMAS BOROWSKI

Features

Story(s)4
Units4
ZoningMulti Use

Taxes

Property919

Area Information

StateNJ
CountyEssex
CityNewark City
Zip Code07102
AreaEssex
Listing VS Median (in 07102)
Price:
$1,395,000
low | high
Med:
$75,000
100% of Average
On site:
35
low | high
Med:
56.5
61.946902654867% of Average
Sourced by Back At You

Market Activity 07102

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Additional Information

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Learn More About This Property

Fran Duffy

Fran Duffy

Village Square Realtors

 (917) 975-8719francesduffy99@gmail.com
StateNJ
CountyEssex
CityNewark City
Zip Code07102
AreaEssex
Listing VS Median (in 07102)
Price:
$1,395,000
low | high
Med:
$75,000
100% of Average
On site:
35
low | high
Med:
56.5
61.946902654867% of Average
Sourced by Back At You
Nearby Listings (Within 1/2 mile)
Price: $1.46M - $1.743M
sqft: 0 - 0
Nearby Listings Property ImageNearby Listings Details
83 Jay St Property Photo 1
$1,199,900
83 Jay St
Newark City, NJ 07103
Listing Updated: October 1, 2026 at 1:49:48 PM PDT

Fran Duffy - Village Square Realtors