39-49 Broad Street

The subject property is located at 39 Broad Street in the central business district of Elizabeth, Union County, New Jersey. Elizabeth is the county seat and the fourth-largest city in the state. Broad Street is a primary commercial corridor lined with retail, office, institutional, and governmental uses, and the immediate area is densely developed with mid-rise, mixed-use buildings. The property benefits from high pedestrian and vehicular traffic and is approximately 0.2 miles from the Elizabeth NJ Transit train station, offering direct access to Newark and New York City. Major highways including Routes 1 & 9, the New Jersey Turnpike (I-95), and the Goethals Bridge are in close proximity, supporting regional connectivity. Public transportation is readily available via multiple NJ Transit bus routes. The area is fully developed with municipal services and utilities and is located within a designated Urban Enterprise Zone (UEZ), which may offer certain economic incentives.The property is located in the City of Elizabeth, in the County of Union, New Jersey. It fronts on Broad Street and bears the address 39-49 Broad Street, Elizabeth, New Jersey (Block 319 Lot 4). The property is located in Zone C5 - Commercial Zone. Occupying the property is a brick-faced, 2 story, Neo Gothic commercial building built around 1922. Originally functioning as a theater, the building currently incorporates retail shops on the (partial) ground floor and an adult education school on the (partial) 2nd floor. The building has a 3-story auditorium to the rear, capped by a shallow arched roof. Most of this rear area is not utilized due to safety concerns. Elizabeth is the fourth largest city on New jersey. The building is part of the Mid-Town Historical District among other addresses in Elizabeth. It is also listed with the National Register of Historic Places and was formerly used as and known as the Regent Theater. The property is approximately 23, 000 square feet with 110 feet frontage (narrowing in the rear to 89 feet) with a depth of 222 feet. Currently 2 of the 4 retail spaces are leased on a month to month basis and the 2nd floor school has a lease that expires shortly. An analysis of the property determined that there is a potential to build an additional 50 to 70 apartments depending on their size and bedroom count. The site is adjacent to a municipal parking facility potentially allowing a developer to use the facility in order to satisfy parking requirements.