Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Downtown Newark Mixed-Use Asset Title is generated by Realmo AI

    118-122 Market Street, Newark, NJ 07102

    View on Map
    Claim this Listing
    New
    For Sale
    $1,695,000

    COMMERCIAL - Newark, NJ

    Property size:
    10,000 SF
    Lot size:
    0.09 Acres
    Price / SF:
    $169/SF
    Added:
    May 9, 2026
    Days on Market:
    4
    Last Refresh:
    May 12 at 7:06 pm

    Property Features for 118-122 Market Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    On Street
    Standard status
    Active
    APN
    14-00060-0000-00035
    Size
    10,000 SF
    Lot size
    0.09 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    29117

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Floors in Building
    2

    We can help!

    Listing Contact
    Kevin Sharkey

    Listing agent Kevin Sharkey

    Listing office Realty Of America 20 Jackson Drive, Cranford, NJ

    Listing date May 9, 2026

    MLS# 22613733

    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.

    HighLights

    • Prime Downtown Newark location in the main commercial corridor
    • Significant value‑add and long‑term redevelopment potential
    • Surrounded by major anchors: Prudential Financial, Prudential Center, NJPAC, Rutgers, and NJIT
    • Located in a rapidly evolving, transit‑oriented district
    • Flexible second‑floor layout ideal for conversion
    • Basement storage supports retail or redevelopment

    Overview

    Located in the heart of Downtown Newark's primary commercial area, 118-122 Market Street is an 8,000 SF asset presenting immediate value-add opportunities and long-term redevelopment potential for mixed-use purposes. The property is situated in a rapidly developing, transit-oriented district characterized by residential growth and redevelopment, near Prudential Financial, Prudential Center, New Jersey Performing Arts Center, Rutgers University-Newark, and New Jersey Institute of Technology. It features two attached commercial units and a flexible second-floor layout suitable for conversion. A basement provides storage space that can support retail or redevelopment activities. With a lot size of 0.09 acres and a property size of 10,000 square feet, this property is suited for residential development catering to the surrounding Universities and Business District employees.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Newark
    County
    Essex
    State
    New Jersey
    Longitude
    -74.174284
    Latitude
    40.735899

    Nearby Similar for Sale

    • $900,000
      3,516 SF

      Newark City Income Property

      Income-producing commercial boarding house with 15 rentable units.
      464-466 Summer Ave, Newark City, NJ 07104-3773
      View Details
    • $1,500,000
      6,200 SF

      Warehouse and Office in Newark

      Vacant warehouse and office space in Newark's Ironbound district.
      41-43 Malvern St, Newark City, NJ 07105-1510
      View Details
    • $4,000,000
      9,999 SF

      Newark City Commercial Opportunity

      Commercial building in established Newark neighborhood, suitable for medical practices.
      461-467 Mount Prospect Ave, Newark City, NJ 07104-2907
      View Details
    • $949,000
      4,085 SF

      Newark Multi-Family Renovation Opportunity

      Multi-family property in Newark with value-add potential.
      420 18Th Ave, Newark City, NJ 07108-1633
      View Details
    • $550,000
      2,770 SF

      Newark Three-Family Income Property

      Three-family property in Newark, ideal for investors or owner-occupants.
      38-40 ECKERT Avenue, NEWARK, NJ 07112
      View Details
    • $1,999,999

      Newark Commercial Building For Sale

      17,360 SF commercial building in Newark's Forrest Hill section.
      245-249 Verona Avenue, Newark, NJ 07104
      View Details
    • $1,900,000
      11,519 SF

      Newark Warehouse with Mechanic Shop

      11,000+ SF warehouse with mechanic shop in Newark City.
      236 Park Ave, Newark City, NJ 07107-2349
      View Details
    • $58,000
      99,999 SF

      Established Smoke Shop in Newark

      Well-located smoke shop on Clinton Avenue with high visibility.
      311 Clinton Ave, Newark City, NJ 07108-2819
      View Details
    • $975,000
      5,003 SF

      Newark City Multi-Family Investment

      New construction triplexes with strong rental income potential.
      678 S 18Th St, Newark City, NJ 07103-1054
      View Details
    • $975,000
      5,003 SF

      Newark City Multi-Family Investment

      New construction multi-family homes with income potential and tax abatement.
      674-676 S 18Th St, Newark City, NJ 07103-1054
      View Details
    • $749,999
      2,963 SF

      Spacious Multi-Family Near Penn Station

      Two-story home with recreation space, convenient for commuters.
      99 Bruen St, Newark City, NJ 07105-1308
      View Details
    • $799,000

      Newark Multi-Family Property For Sale

      Spacious 8-bedroom property with finished basement, ideal for investors.
      128 Leslie St, Newark City, NJ 07112-1334
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - 8,000 SF asset with redevelopment potential in Newark's core.
    Where is this mixed-use property located?
    The property is located at 118-122 Market Street Newark, NJ.
    What is the asking price?
    The asking price for this property is $1,695,000.
    What are key features of this property?
    This property features: Prime Downtown Newark location in the main commercial corridor; Significant value‑add and long‑term redevelopment potential; Surrounded by major anchors: Prudential Financial, Prudential Center, NJPAC, Rutgers, and NJIT
    (833) 256-4244
    We can help!
    Listing Contact
    Kevin Sharkey
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    118-122 Market Street, Newark, NJ 07102
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!