Mixed-Use Building Near
For Sale
$599,000
116 Wright St, Newark, NJ 07114
Mixed-use property featuring light industrial space and residential unit.
Property Size3,600 SF
Price / SF$332.78
Days on Market230
Property Features for 116 Wright St
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Commercial
Zoning
COMMERCIAL
Building Details
Building Size
3,600 SF
Year Built
2014
Stories
2
Units
2
Listing Agency:
Elite Realtors Of New Jersey
(973) 994-9009
Listed By:
Edwin Devia
Source:
Betterhomerealestate
Added: Jan 22
Changed: Sep 8
Last Checked: Aug 25 at 9:09AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Elite Realtors Of New Jersey
Investment Insights
Based on property information with market context.
This mixed-use building features a first floor zoned for light industrial use, suitable for combining living and working spaces. The property is located close to major highways and is approximately 5 minutes from Newark Liberty International Airport (EWR). The building is solar powered and includes battery backup for use during emergencies. An EV charging station is available. A new roof is planned for 2025. The property size is 1,800 square feet.
Key Highlights
- Mixed‑use property: Live upstairs, work downstairs
- Close proximity to major highways and EWR (5 minutes)
- Solar powered with battery backup
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
$28,688
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
4.79%
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%
$573,760
$573.8K
Cap Rate 7%
$409,829
$409.8K
Cap Rate 9%
$318,756
$318.8K
Market Conditions
NOI Build-Up for 1,800 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
$54.0K $30.00/SF
− Vacancy
−$8.1K −$4.50/SF
EGI
$45.9K $25.50/SF
− OpEx
−$17.2K −$9.56/SF
NOI
$28.7K $15.94/SF
Area
Newark, NJ
Vacancy
15.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$573,760
Cap Rate 7%
$409,829
Cap Rate 9%
$318,756
Alternative Uses
Best Use
Mixed Use
$409.8K
$358.6K – $478.1K
NOI $28,688 @ 7.0% cap · market cap 4.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$637.8K
$558.1K – $744.1K
NOI $44,644 @ 7.0% cap · market cap 7.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,591
Businesses Nearby
Explore this area
Business Placement
Demographics for 07114, NJ
17,767
Population
4,694
Households
3.8
Avg Household Size
39
Median Age
9%
College-Educated
69%
High-School Grad
7.9 sq mi
ZIP Area
2,249
Density / Sq Mi
$34,167
Median Household Income
$35,916
Median Earnings
$616
Median Rent
$384,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property featuring light industrial space and residential unit.
Where is this mixed-use property located?
The property is located at 116 Wright St Newark, NJ.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Mixed‑use property: Live upstairs, work downstairs; Close proximity to major highways and EWR (5 minutes); Solar powered with battery backup
