REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 1,100,000
Est. payment | /mo
0.35 Acres Lot
$ 1,100,000
Est. payment | /mo
0.35 Acres Lot
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 3941536
HOA Y/N No
Annual Tax Amount $16,092
Tax Year 2024
Lot Size 0.350 Acres
Property Description
Combination of 2 lots (1016-1022 Chancellor Ave & 12 44th St )This property offers a unique opportunity for visionary developers, with several strategic options to maximize its potential. One immediate possibility is to rent the existing house while awaiting township approvals. This approach provides an interim income stream, ensuring the property generates value even during the planning phase. Renting the house also enables developers to maintain flexibility as they navigate the approval processes. Another compelling option is to demolish the existing structure and build townhouses, aligning with the character of the neighborhood, as evidenced by similar developments nearby. Developers can secure approvals to construct townhouses while renting the house during the waiting period to offset holding costs. This dual strategy supports a seamless transition from demolition to construction, leveraging both short-term and long-term revenue opportunities. Alternatively, developers may leave the house as is or convert it into a two-family residence, focusing construction efforts on Lot 17. For this option, merging the lots is essential to apply for a variance, an important step to unlock the full potential of the project. This flexible approach caters to developers interested in both immediate and phased development, making this property a versatile investment opportunity.
Location
State NJ
County Essex
Zoning Commercial
Interior
Inclusions Residence, See Remarks
Building
Lot Description Backs to Park Land, Corner, Irregular Lot, Level Lot
Sewer Public Sewer on Property
Water Public Water on Property
Others
Senior Community No
Miscellaneous See Remarks
Information deemed reliable but not guaranteed. Copyright © 2025 Garden State Multiple Listing Service, L.L.C. All rights reserved.
Listed by COLDWELL BANKER REALTY
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
12 Terry Drive Suite 204, Newtown, Pennsylvania, 18940, United States