🚀 City of Orange, NJ | Vacant Land in MX2 | 🏗 34 Property Portfolio 🏢

An investment opportunity in the City of Orange, NJ. This 7,178 sqft (.16 acres) lot is located in the MX2 zone and is within one of NJ's Opportunity Zones. MX2 is a Mixed-Use Mid-Rise district, and this lot has the "as of right" ability to build up to 8 residential stories. This property is well-suited for builders and developers looking to capitalize on the potential of the City of Orange and its reputation for high density.

ASKING: $175k

✨Property Highlights✨

Vacant Land 

Lot Size: 7,178 sqft (.16 acres)

Zoning: MX2- Mixed-Use Medium Density Residentail &
Commercial Business Zone, Click Here for Zoning Description

🛠Utilities🛠

Water: Public

Sewer: Public

Gas: Public

✨What is an OZ?✨

An Opportunity Zone is a designation created by the Tax Cuts and Jobs Act of 2017, aimed at fostering economic development and job creation in distressed communities by providing tax benefits to investors. In real estate, investing in Opportunity Zones can offer several benefits:

1. Deferred Taxes: Investors can defer taxes on any prior gains invested in a Qualified Opportunity Fund (QOF) until the date on which the investment in a QOF is sold or exchanged, or December 31, 2026, whichever comes first.
2. Step-Up in Basis: If the investment in the QOF is held for longer than 5 years, there is a 10% exclusion of the deferred gain. If held for more than 7 years, the exclusion is 15%.
3. No Tax on Appreciation: If the investor holds the investment in the QOF for at least 10 years, they are eligible for an increase in basis of the QOF investment to its fair market value on the date that the QOF investment is sold or exchanged.

In New Jersey, as in other states, these zones are strategically selected to boost investment in areas that would benefit from revitalization. This can significantly enhance property values over time, making them attractive investment opportunities. For specific Opportunity Zones in NJ and more detailed information, consulting local economic development resources or the New Jersey government's official websites would be beneficial.

SOLD LAND COMPS

478 - 482 Vernon Pl, City Of Orange Twp., NJ- SOLD $181k

Lot Size: 5,662 sqft (.13 acres)

198 Hickory St, City Of Orange Twp., NJ- SOLD $130k

Lot Size: 3,484 sqft (.08 acres) 

679 Haxtun Avenue, City Of Orange Twp., NJ- SOLD $195k

Lot Size: 12,599 sqft (.28 acres)

📱For More Details Call or Text Nick Walsh at 908-499-9128 or Email at dispositions@cashdealsnewjersey.com