Remodeled Lounge and
For Sale
$1,500,000
428 Central Avenue, East Orange, NJ 07018
Commercial Sale, East Orange, NJ
Property Size7,500 SF
Lot Size0.13 Acres
Price / SF$200
Days on Market255
Property Features for 428 Central Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Office, Multi-Family, Retail, Residential, Professional, Multi-Use, Mixed, Commercial, Central Business
Rooms
Basement
Parking features
On Street
Security features
Security System
Basement
Full
Directions
Located on Central Avenue in East Orange, just minutes from major highways and public transportation. Convenient access to I-280, Garden State Parkway, and Route 21. Close proximity to the East Orange Train Station, NJ Transit bus routes, downtown amenities, and neighboring communities including Newark, Montclair, and Bloomfield.
Standard status
Active
APN
05-00510-0000-00024
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
28429
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
full basement for storage
Building Details
Year built
1930
Floors in Building
2
Flooring type
Vinyl
Building materials
Stone
Roof type
Shingle
Listing Agency:
CB/Schiavone & Associates
(609) 291-9400
Listed By:
David Schiavone · License #9588811
(609) 731-1244
Added: Dec 30, 2025
Changed: Sep 4
Last Checked: Sep 11 at 2:06PM
MLS# 22537496
Copyright © 2026 More MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This approximately 7,500-square-foot lounge and bar accommodates seating for 100 patrons across two levels. The first floor contains a remodeled bar with multiple TVs and seating, while the upper level provides dining space. A rear bar adds DJ speakers, a loft-style DJ booth, and additional seating. The interior was remodeled in 2015, and the property includes a Plenary Retail Consumption (Class C) liquor license.
Two residential apartments are part of the property: one four-bedroom, one-bath unit and one two-bedroom, one-bath unit. A full basement provides storage. The property is located within walking distance of the East Orange Train Station, with an approximate 25-minute commute to NYC. Public water and public sewer serve the property, with forced-air heating, central air, stone construction, vinyl flooring, and a shingle roof.
Two residential apartments are part of the property: one four-bedroom, one-bath unit and one two-bedroom, one-bath unit. A full basement provides storage. The property is located within walking distance of the East Orange Train Station, with an approximate 25-minute commute to NYC. Public water and public sewer serve the property, with forced-air heating, central air, stone construction, vinyl flooring, and a shingle roof.
Key Highlights
- Approximately 7,500 square feet with seating for 100 patrons
- Plenary Retail Consumption (Class C) liquor license included
- Two residential apartments: four‑bedroom/one‑bath and two‑bedroom/one‑bath
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$125,521
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.37%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,510,420
$2.5M
Cap Rate 7%
$1,793,157
$1.8M
Cap Rate 9%
$1,394,678
$1.4M
Market Conditions
NOI Build-Up for 7,500 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$191.7K $25.56/SF
− Vacancy
−$12.4K −$1.65/SF
EGI
$179.3K $23.91/SF
− OpEx
−$53.8K −$7.17/SF
NOI
$125.5K $16.74/SF
Area
Essex County, NJ
Vacancy
6.46%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,510,420
Cap Rate 7%
$1,793,157
Cap Rate 9%
$1,394,678
Alternative Uses
Best Use
Multifamily LT 5
$1.79M
$1.57M – $2.09M
NOI $125,521 @ 7.0% cap · market cap 8.37%
Second Best
Apartment 5plus
$1.65M
$1.44M – $1.92M
NOI $115,335 @ 7.0% cap · market cap 7.69%
Theoretical Best
Office A
$1.96M
$1.71M – $2.28M
NOI $137,088 @ 7.0% cap · market cap 9.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
2,261
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07018, NJ
30,429
Population
13,107
Households
2.3
Avg Household Size
36
Median Age
25%
College-Educated
86%
High-School Grad
1.7 sq mi
ZIP Area
17,899
Density / Sq Mi
$59,039
Median Household Income
$39,630
Median Earnings
$1,410
Median Rent
$314,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Two-level hospitality property with residential apartments, a Class C liquor license, and basement storage.
Where is this bar & pub located?
The property is located at 428 Central Avenue East Orange, NJ.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Approximately 7,500 square feet with seating for 100 patrons; Plenary Retail Consumption (Class C) liquor license included; Two residential apartments: four‑bedroom/one‑bath and two‑bedroom/one‑bath
