4
See all 4 photos
$1,395,000
Est. payment /mo
4,547 SqFt
New
245 Dr Martin Luther King J Newark City, NJ 07102
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Key Details
Property Type Single Family Home
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 4,547 sqft
Price per Sqft $306
MLS Listing ID 4051195
Year Built 2026
Annual Tax Amount $919
Tax Year 2025
Lot Size 1,742 Sqft
Property Sub-Type Mixed Use
Property 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.
Location
State NJ
County Essex
Zoning Multi Use
Interior
Heating See Remarks
Cooling See Remarks
Equipment See Remarks
Heat Source See Remarks
Exterior
Exterior Feature Brick/Block
Utilities Available See Remarks
Roof Type Asphalt Shingle
Building
Story 4
Sewer See Remarks
Water See Remarks
Others
Ownership Fee Simple
Information deemed reliable but not guaranteed. Copyright © 2026 Garden State Multiple Listing Service, L.L.C. All rights reserved.
Listed by HOWARD HANNA RAND REALTY
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