715 Main St

Description

715 Main St, North Caldwell, NJ presents a rare, high-upside development opportunity in one of Essex County's most sought-after suburban markets. Situated on a 50' 100' lot with 5 on-site parking spaces, this property is approved for conversion into a 5-unit residential building, with two newly framed two-bedroom units created from the former commercial space in addition to the three existing apartments. The buyer will complete the project and secure final permits, opening the door to exceptional investment versatility: finish as a turnkey rental asset in a market where comparable housing rents average around $4,200/month, or pursue a profitable condo conversion supported by North Caldwell's strong demand, limited supply, and premium home values. Based on current rental trends, achievable ranges include 1BR: $1,800"$2,400, 2BR: $3,000"$3,500, and 3BR: $2,800"$3,800, creating a compelling income profile once stabilized. With its strategic location, top-rated school district, strong local demographics, and minimal multifamily inventory, this property is an exceptional opportunity for investors, builders, developers, and flippers seeking a project with multiple exit strategies and meaningful upside in a premier New Jersey community. Inquire within for this one-of-a-kind opportunity.