Family Dollar (Dark) | Potential Redevelopment Opportunity | NJ-NY MSA

See link HERE to schedule a property inspection on Thursday, February 6th from 10 AM – 12 PM.

Investment Highlights

• Block-through, corner retail property with 18 parking spaces
• 10,105 SF building, located on a 18,099 SF lot
• 380’ combined frontage, featuring 200 ft of frontage along Bergen Street, 90 ft of frontage on Scheerer Avenue and 90 ft of frontage on Shepard Avenue
• Potential redevelopment opportunity; the City of Newark has rezoned the corridor to allow mixed-use developments with high-density residential components.
• Prime location on the Bergen Street retail corridor with 8,500 vehicles per day along Bergen Street
• Located across the street from the bus stop at Bergen Street and Scheerer Avenue
• Short walk from the Weequahic Park and the Newark Beth Israel Medical Center

 

Offering Summary

Northgate Real Estate Group, in conjunction with RI Marketplace, are pleased to present the investment opportunity of a dark Family Dollar retail building located at 976 Bergen Street in Newark, New Jersey (the "Property"). The Property is a corner retail building with parking spaces, potential redevelopment opportunity.

Current structure was built in 1993 (renovated 2010), the Property is improved with a one-story + basement storage, free-standing, single tenant retail building totaling ±10,105 square feet, and offers ±18 surface parking spaces. The Property is located on a 18,099 square foot lot or ±0.42 acres. The Property was formerly occupied by Family Dollar. Space has been vacated. Tenant is fulfilling its lease obligations paying a $181,500 annualized rent (NNN - LL Responsible for structure & exterior) with a lease expiry date of June 30th, 2025.

AREA OVERVIEW

Newark, New Jersey’s largest city, is a major urban center in the New York metropolitan area, located just 8 miles west of Manhattan. The city boasts excellent transportation links and a diverse economy, home to major corporations, a growing tech sector, and Port Newark-Elizabeth, one of the largest ports on the East Coast. Newark’s educational landscape is enhanced by institutions like Rutgers University-Newark and the New Jersey Institute of Technology. The city is undergoing significant urban renewal, with ongoing downtown revitalization efforts and new residential and commercial projects reshaping its landscape. Newark’s rich history and diverse population contribute to a vibrant cultural scene, exemplified by attractions such as the New Jersey Performing Arts Center. As a major transportation hub, the city benefits from Newark Liberty International Airport, extensive rail and bus networks, and easy highway access, solidifying its position as a key player in the region’s economy and development.

NJ License number: 9133828