323 Semel Ave, Garfield, NJ 07026

An exceptional mixed-use property is available at 323 Semel Ave in Garfield, New Jersey. This versatile building presents a unique opportunity, combining a first-floor commercial space, previously operating as a bar/restaurant, with a three-bedroom residential apartment situated on the second floor. The commercial area is well-suited for an owner-user or a new business operator, while the residential unit offers the potential for additional rental income, enhancing the property's overall value proposition. The building, constructed in 1918 with additions in 1930, stands two stories tall and encompasses approximately 5,000 square feet of space. It is zoned R2 - Residential, offering a unique blend of commercial and residential use within a Bergen County market.

This property is designed to accommodate multiple income streams, making it an attractive prospect for investors, business operators, or individuals seeking a mixed-use asset. The commercial component provides a flexible platform for various business ventures, while the residential unit can serve as a stable source of rental income. The strategic location in Garfield ensures convenient access to a range of local businesses, residential communities, public transportation networks, and major North Jersey roadways, facilitating accessibility for both customers and residents. The property also benefits from ample parking, with 11 spaces available, equating to approximately 4.93 spaces per 1,000 square feet of leased area.

The building's class is designated as C, and it features multiple tenancies, indicating a history of diverse usage. The sale of the real estate is independent of the liquor license, which is available for purchase separately. This separation provides prospective buyers with the flexibility to acquire the building without the license or to pursue both the property and the license as distinct transactions. This structure allows for a tailored acquisition strategy based on individual business and investment goals. The property's frontage is also a notable characteristic, contributing to its visibility and accessibility.

Located in an established Bergen County market, this mixed-use property represents a significant opportunity for value enhancement. Potential strategies for increasing value include implementing improvements to the existing structures, repositioning the commercial space for a different type of business, or optimizing leasing arrangements for both the commercial and residential units. The property's cap rate is listed at 7.34%, providing a quantitative measure of its current investment performance. The combination of commercial and residential components within a single property, coupled with its strategic location and potential for value-add initiatives, makes 323 Semel Ave a compelling offering.