Courtesy: COLDWELL BANKER REALTY
973-378-8300
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.
Courtesy: Coldwell Banker, Wayne
973-694-8000
Maplewood is located in New Jersey. Maplewood, New Jersey has a population of 25,420. Maplewood is more family-centric than the surrounding county with 47.76% of the households containing married families with children. The county average for households married with children is 30.18%.
The median household income in Maplewood, New Jersey is $156,477. The median household income for the surrounding county is $67,826 compared to the national median of $69,021. The median age of people living in Maplewood is 39.2 years.
The average high temperature in July is 85.6 degrees, with an average low temperature in January of 20.3 degrees. The average rainfall is approximately 50 inches per year, with 24.8 inches of snow per year.
The data relating to the real estate for sale on this web site comes in part from the Internet Data Exchange Program of NJMLS. Real estate listings held by brokerage firms other than the owner of this site 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. Some properties listing 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.