Description
Introducing a remarkable opportunity for enhanced income generation a 4-family property situated on prime Lot! Take advantage of this R-1 zoned property that allows for 2 units without a variance. But that's not all there are exciting avenues to explore to maximize its potential. Consider the recently passed 'Affordable Housing Overlay,' which enables building code compliant units while accommodating as many as possible, with a requirement of 10% affordable units. Engage with an architect to determine the ideal unit count within the building code limits, and envision the possibilities of creating a 4-family property that yields substantial income. In addition, keep a close watch on the upcoming zoning changes set to go before the city council. If approved, the R-1 density standard will increase to an impressive 42 units per acre, granting a potential of 7 units for the 85 Highland location. This opens up the opportunity to develop a 4-family property.
-
7BEDS
-
N/AACRES
-
5BATHS
-
01/2 BATHS
School Ratings & Info
Description
Introducing a remarkable opportunity for enhanced income generation a 4-family property situated on prime Lot! Take advantage of this R-1 zoned property that allows for 2 units without a variance. But that's not all there are exciting avenues to explore to maximize its potential. Consider the recently passed 'Affordable Housing Overlay,' which enables building code compliant units while accommodating as many as possible, with a requirement of 10% affordable units. Engage with an architect to determine the ideal unit count within the building code limits, and envision the possibilities of creating a 4-family property that yields substantial income. In addition, keep a close watch on the upcoming zoning changes set to go before the city council. If approved, the R-1 density standard will increase to an impressive 42 units per acre, granting a potential of 7 units for the 85 Highland location. This opens up the opportunity to develop a 4-family property.
© 2023 New Jersey Multiple Listing Service. All rights reserved.
IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or United Real Estate North Jersey.
The data relating to the real estate for sale on this web site comes in part from the Internet Data Exchange Program of the NJMLS. Real estate listings held by brokerage firms other than United Real Estate North Jersey are marked with the Internet Data Exchange logo and information about them includes the name of the listing brokers. Some properties listed with the participating brokers do not appear on this website at the request of the seller. Listings of brokers that do not participate in Internet Data Exchange do not appear on this website. Data last updated: 2023-10-03T09:16:22.