147 Avenue E

Description

An exceptional opportunity in the heart of Bayonne, 147 Avenue E is a fully vacant, mixed-use corner property located at Avenue E and East 17th Street. This well-maintained, two-story building offers versatility and income potential with three total units: a spacious commercial space on the ground floor and two residential apartments above. With the CCO already passed and all units delivered vacant, this property is ready for immediate occupancy or tenant placement in today's fast-moving market. The commercial space spans approximately 2,400 square feet and is completely white-boxed with nearly 11-foot ceilings, two ADA-compliant bathrooms, and three separate entrances, allowing it to be easily subdivided into multiple storefronts. This setup is ideal for a caf, lounge, restaurant, grocery, boutique, or office use. It has brand-new plywood flooring throughout, offering a blank slate for a buyers custom buildout. Upstairs are two well-maintained residential units. The front apartment is newly renovated and accessed via a private outdoor staircase. It features two spacious bedrooms along with two bonus rooms that can be used as a home office, den, or playroom. The unit also includes a full bathroom with a washer and dryer hookup, a bright living room, a formal dining room, and a modern eat-in kitchen with quartz countertops and stainless steel appliances. The rear unit, facing East 17th Street, offers two bedrooms, an eat-in kitchen, and a comfortable living space. Both units are fully vacant and benefit from key upgrades including a new water heater and new furnace. The property also includes two full basements, offering ample storage or expansion possibilities. Located just a short walk from the 22nd Street Light Rail Station with direct access to Manhattan, this building is positioned in one of Bayonnes most connected and high-visibility corridors. It falls within the Nicholas Oresko School P.S. 14 district, one of the citys most sought-after school zones. What truly sets this property apart is whats happening directly across the street: a major mixed-use redevelopment project, designed by MHS Architecture and approved by the City of Bayonne. The development includes two buildings"one six stories and one eighteen stories"containing a combined 286 residential units, 3,505 square feet of retail, and 409 parking spaces. This transformative project is expected to drive significant foot traffic and long-term demand to the immediate area, adding tremendous upside to any business operating at 147 Avenue E. Financially, the pro forma rent roll projects $105,600 in gross annual income, with estimated yearly expenses of $25,368, resulting in a projected net operating income of $80,232 and a strong cap rate of 7.29%. In a market shaped by constant change, 147 Avenue E offers rare value, flexibility, and prime positioning for both investors and end-users.