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    764-768 Broad St Newark, NJ 07102

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    For Sale
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    42,669 SF historic building suitable for mixed-use redevelopment.

    Property size:
    42,669 SF
    Lot size:
    0.27 Acres

    Property Features for 764-768 Broad St

    General Information

    Size
    42,669 SF
    Lot size
    0.27 Acres

    We can help!

    Listing Contact
    Jerry Joseph
    Jerry Joseph
    Source: Moodyscre

    Listing Agency: RIPCO Real Estate - New Jersey Listing Agent: Jerry Joseph

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Historic Newark Landmark Redevelopment Opportunity

    The Howard Savings Institution building, a Newark landmark, presents a redevelopment opportunity. This building, one of New Jersey’s oldest banks, features Neoclassical architecture. Designed by George E. Post, who also built the New York Stock Exchange, the property has a rich history as the former financial heart of Newark. The 42,669 SF building offers high ceilings and 75 feet of frontage on Broad Street. It is part of Newark’s Living Downtown Redevelopment Plan, which is designated for mixed-use development. The property is located a half-mile or 11-minute walk from Newark Penn Station, and one mile from North Broad Street Station. It is also minutes away from Route 21 and 280, providing access to New York City. The building is surrounded by a retail and corporate landscape featuring local and national retailers and corporate headquarters, including FootLocker, Nike Outlet, Whole Foods, Audible, Prudential, Panasonic, JD Sports, Horizon Blue Cross Blue Shield, Snipes, GameStop, and The Prudential Center.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Banks

    Suggested Use

    Real Estate Agency Spa & Massage Center Dental Office Restaurant Hair Salon Law Firm Nail Salon Building Supply Gym & Fitness Center Daycare 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
    -74.1715134
    Latitude
    40.7361419

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    FAQs

    What type of property is this?
    Bank - 42,669 SF historic building suitable for mixed-use redevelopment.
    Where is this bank located?
    The property is located at 764-768 Broad St Newark, NJ.
    What are key features of this property?
    This property features: - Historic Landmark: Iconic Neoclassical architecture by George E. Post (designer of the New York Stock Exchange) offers unique redevelopment opportunity.; - Prime Location: Part of Newark's Living Downtown Redevelopment Plan, designated for mixed-use development.; - Excellent Accessibility: Close proximity to Newark Penn Station, North Broad Street Station, Route 21, and 280, providing easy access to New York City.
    (201) 777-2300 Call to check price and availability
    Request Owner's contact information
    764-768 Broad St Newark, NJ 07102
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    Newark, NJ 07102
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    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
    764-768 Broad St Newark, NJ 07102
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Jerry Joseph
    Jerry Joseph
    (201) 777-2300 (201) 273-7819
    Learn more
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