823 Anderson Ave, Fort Lee, NJ 07024

This offering at 823 Anderson Avenue in Fort Lee, New Jersey, presents a fully approved and active site for multifamily development. Situated in a robust rental market within Bergen County, the property includes an existing income-producing two-family residence. This provides an opportunity for continued cash flow during the pre-construction planning phase. The location is a prime commuter area with convenient access to New York City.

Active Planning Board approvals are in place for the construction of a six-unit multifamily residential development. The approved project features six residential units, each designed with two bedrooms and two bathrooms. One of these units is designated as affordable housing. The proposed construction involves an attractive three-story building that incorporates integrated garage parking, addressing a significant aspect of urban residential development.

The property is located on an oversized 7,606 square foot corner lot, offering approximately 89 feet of frontage. This substantial lot size is conducive to the approved development plans. Projected market rents for the market-rate units are estimated at approximately $4,500 per month, with the affordable unit having an allowable rent of approximately $2,800 per month. The projected gross annual income for the development is approximately $303,600.

Documentation included with the sale comprises the fully approved Borough Planning Board Resolution, architectural plans, site plans, and a property survey. The existing structure, built in 1930, has a total finished square footage of 2,948. The property is zoned for residential income and mixed-use. The seller is a licensed New Jersey Real Estate Broker.