545 Mola Blvd, Elmwood Park, NJ 07407

This commercial/mixed-use property, located at 545 Mola Blvd in Elmwood Park, NJ, presents a significant opportunity with its prime location and versatile functionality. The building spans 6,344 square feet and is situated in an area with heavy foot traffic from 7 am to 7 pm. It offers substantial parking, with 11 car spaces available, including 6 dedicated to the rental apartment. The property is strategically positioned with convenient access to major highways, including Routes 80, 46, 4, and the Garden State Parkway, facilitating efficient transportation and accessibility for both businesses and residents.

The property features a commercial space on the first floor, currently occupied by a liquor store on a month-to-month lease, generating $6,250 per month, totaling $75,000 annually. This unit has been a tenant for 10 years. The second floor comprises a residential unit with 3 bedrooms and 3 bathrooms, also on a month-to-month lease, bringing in $3,000 per month, for a total of $36,000 annually. This residential unit benefits from a separate entrance. The building is constructed with aluminum siding and block masonry, featuring a flat, asphalt roof that was recently replaced. The property was originally built in 1962 and has seen significant updates, including a new roof and retaining wall, along with updated kitchen and bathrooms on the second floor.

Operational efficiency is supported by separate utilities for each floor, including two furnaces and two water heaters. The electrical panels have been upgraded. The first floor is equipped with central air conditioning, while the second floor utilizes window air conditioning units. The basement area provides additional storage space, currently utilized by the liquor store. The property's zoning is designated as Commercial/Mixed Use, accommodating a liquor store/package goods business on the first floor and a 3-bedroom, 2-bathroom rental on the second floor. Both units are non-owner occupied.

Recent improvements enhance the property's value and functionality, including a new roof and a new retaining wall. The kitchen and bathrooms on the second floor have also been updated. The building's structure includes two stories and is classified as building class C. The current annual insurance cost is $6,600, and the 2024 taxes are $17,671. This property is categorized as an investment or owner-user opportunity, offering a cap rate of 3.21% based on its current rental income and price. The combination of a stable commercial tenant, a separate residential rental, and its strategic location makes this a compelling offering.