Prisco Building 2 Properties Offered at $12,402,000 CAD in Chatham, NJ

13 & 17 WATCHUNG AVENUE
CHATHAM BOROUGH, NEW JERSEY
1.56-ACRE INVESTMENT & DEVELOPMENT OPPORTUNITY
Two compelling investment strategies. One exceptional Chatham Borough property.
13 & 17 Watchung Avenue presents a rare opportunity to acquire a 1.56-acre assemblage in Chatham Borough offering the flexibility to pursue either a value-add redevelopment strategy or an immediate income-producing investment.
Currently generating approximately $430,000 in annual gross income, the property provides substantial existing cash flow while offering significant longer-term upside through potential redevelopment.
OPTION 1 — INCOME-PRODUCING INVESTMENT
Acquire the property as an established income-producing asset generating approximately $430,000 in current annual gross income.
The existing improvements provide a diversified commercial footprint in a highly desirable Morris County location, allowing an investor to acquire substantial real estate with existing income while evaluating opportunities to enhance rents, occupancy, operations and overall property value.
This strategy provides the opportunity to collect income today while retaining control of a substantial development site for the future.
OPTION 2 — REDEVELOPMENT OPPORTUNITY
For developers, the property's 1.56-acre assemblage offers the opportunity to pursue a transformative redevelopment in one of Northern New Jersey's most desirable and supply-constrained communities.
The property is located in the M-3 zoning district and within Chatham Borough's Gateway Affordable Housing Overlay 2 (GAHO-2), providing a framework for inclusionary multifamily residential development as well as complementary commercial uses.
Potential uses within the applicable zoning framework include multifamily residential, restaurant, retail, office, personal service, recreational and other commercial uses, subject to applicable zoning requirements and governmental approvals.
The property's location along the Watchung Avenue/River Road gateway further enhances its redevelopment potential, providing prominent exposure and convenient access to downtown Chatham, surrounding communities and major transportation corridors.
KEY INVESTMENT HIGHLIGHTS
• 1.56-acre assemblage
• Approximately $430,000 in current annual gross income
• Two contiguous properties — 13 & 17 Watchung Avenue
• Existing commercial improvements
• M-3 zoning
• Located within the GAHO-2 Gateway Affordable Housing Overlay
• Potential for multifamily residential and/or mixed-use redevelopment
• Existing income provides the opportunity to carry the property while evaluating and pursuing approvals
• Prominent Watchung Avenue/River Road gateway location
• Highly desirable Chatham Borough location
• Strong Morris County demographics
• Convenient access to downtown Chatham and surrounding markets
• Rare opportunity to acquire a substantial development site in a highly supply-constrained Northern New Jersey market
THE BEST OF BOTH STRATEGIES
What makes 13 & 17 Watchung Avenue particularly compelling is the ability to choose your investment strategy.
An investor can acquire the property for its existing income stream and operate it as a cash-flowing asset while maintaining the opportunity to pursue future redevelopment.
Alternatively, a developer can capitalize on the property's 1.56 acres, zoning framework and strategic location to pursue a new development concept.
INCOME TODAY. DEVELOPMENT POTENTIAL TOMORROW.
13 & 17 Watchung Avenue offers the rare combination of existing cash flow and substantial redevelopment potential in one of Morris County's most sought-after communities.
All zoning, permitted uses, development potential, density, parking, dimensional requirements, income, acreage and other property characteristics are subject to independent verification. Any redevelopment is subject to applicable governmental approvals and entitlements.