897 Ringwood Ave, Wanaque Boro, NJ 07420

Property Description

Prime Investment Opportunity: Turnkey Hospitality & Multi-Phase Development Opportunity!!Rarely does a property offer immediate cash flow along with development potential. Situated on a high-visibility deep lot, this multifaceted site is ideal for the strategic investor or owner-operator looking to diversify their portfolio.The Restaurant: Fully renovated, functioning (QSR) restaurant. * New HVAC, plumbing, electrical systems, framing, insulation, bathrooms, etc. * Contemporary dining room with high-end fixtures and a welcoming atmosphere. * Fully equipped with commercial-grade appliances and optimized for high-volume service.Single-Family Rental: Attached to the restaurant is a single-family home, currently utilized as a rental property.The Future: Conceptual Apartment Development!Maximize the "highest and best use" of this land. Included with the sale are professional conceptual drawings for multi-family residential expansion designed by the township engineer.Concept A: 11-units ,1,236sf per unit over 3 floors (knock down all existing structures)Concept B: 5-units, 1,200sf per unit over 2 floors and keep the existing restaurant but knock down the house Concept C: 3-4 units, 1,500sf per unit over 2 floors and keep the existing restaurant but knock down the houseConcept D: 9-units, 1,000sf per unit over 3 floors (knock down all existing structures)Additional Revenue: Active Truck Parking currently generates auxiliary income by leasing out truck parking spots.