3645 5th Street, Jersey City, NJ 07302

Description

RARE JERSEY CITY DEVELOPMENT OPPORTUNITY – TWO LOTS WITH APPROVED VARIANCES! New builds should be eligible for a 5 year tax abatement. Two adjoining 12.5' x 50' lots, being offered as 364 5th Street and 364.5 5th Street, with approved variances for the construction of a 4-story single-family home on each lot. Proposed homes are approximately 2,150 SF each, offering approximately 12.5' of width and 42.5' of depth, plus a cantilevered front section. Plans are available and currently show a 5-bedroom, 3-bath layout, with the ability to reconfigure the interior to accommodate the buyer's needs. Plans can also be modified to add a first-floor powder room. The existing plans for 364.5 5th Street would be generally mirrored for the second home. 364 5th Street currently contains a 2 bedroom, 2 bath single family home that is being sold as-is and is slated for demolition. Demolition permits have already been obtained. The basement includes existing plumbing/setup for a potential second bathroom. 364.5 5th Street is currently an open driveway lot. The properties were originally purchased as two separate lots. The Jersey City Tax Office subsequently consolidated them into one tax lot, and an application has been submitted to the Planning Board to subdivide the property back into two separate lots. The application is currently awaiting scheduling. The property offers the opportunity to pursue the approved redevelopment plans. Buyer to perform all due diligence regarding zoning, variances, plans, permits, dimensions, development potential, and municipal approvals. Property is being sold AS IS .