Thriving Laundromat with Apartments
121 S Pavilion Ave Riverside, NJ 08075
121 S Pavilion Ave, Riverside, NJ, 08075
$789,000
Pending
For Sale
$789,000
Pending
Multi-purpose property featuring a laundromat and two apartments.
Property Size3,700 SF
Lot Size0.04 Acres
Days on Market159
Property Features for 121 S Pavilion Ave
General Information
- Standard status
- Pending
- Size
- 3,700 SF
- Lot size
- 0.04 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1965
Listing Agency
SMIRES & ASSOCIATES
(609) 298-9888
Listed by
KEVIN KERINS
Source
Corcoran
Added: Feb 12 Updated: Jul 6 at 9:57 am Checked: Jul 19 at 4:47 am
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 SMIRES & ASSOCIATES
Investment Insights
Based on property information with market context.
This 3700 sq/ft multi-purpose property presents an investment opportunity, featuring a thriving laundromat with two established apartments above. The laundromat is equipped with energy-efficient washers and dryers, totaling 17 washers and 26 dryers, along with 2 change machines and 7 vending machines. It also includes a handicap-accessible bathroom, storage room, security system, TVs, a fire alarm system, folding stations, and a basement office. The design allows access to the back of all laundry machines, with concrete supports in the basement. All three units have separate utilities. The two apartments above the laundromat have separate entrances and tenants. Apartment 1 includes 1 bedroom, 1 full bath, a kitchenette, and baseboard heat. Apartment 2 features 3 bedrooms, a large living room, central air, and new flooring and carpet. The property has a newer roof installed in 2022, along with new hot water heaters and a furnace. It is located in downtown Riverside, near the municipal building and post office, and is surrounded by local businesses, including dentists, restaurants, and accountants.
Key Highlights
- Thriving laundromat business included, featuring 17 washers and 26 dryers.
- Two established apartments above the laundromat provide immediate rental income.
- Newer roof (2022), new hot water heaters, and furnace minimize potential maintenance costs.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $111.0k | $30.00 |
| − Vacancy | −$7.5k | −$2.04 |
| EGI | $103.5k | $27.96 |
| − OpEx | −$46.6k | −$12.58 |
| NOI | $56.9k | $15.38 |
3,700 SF · lease $30.00/SF/yr · vacancy 6.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$812.8K
$711.2K – $948.3K
NOI $56,899 @ 7.0% cap · market cap 7.21%
Second Best
Retail
$754.4K
$660.1K – $880.2K
NOI $52,811 @ 7.0% cap · market cap 6.69%
Theoretical Best
Office A
$966.1K
$845.4K – $1.13M
NOI $67,630 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Retail space
Similar For Sale Nearby
FAQs
What type of property is this?
Retail space - Multi-purpose property featuring a laundromat and two apartments.
Where is this retail space located?
The property is located at 121 S Pavilion Ave Riverside, NJ.
What is the asking price?
The asking price for this property is $789,000.
What are key features of this property?
This property features: Thriving laundromat business included, featuring **17 washers and 26 dryers**.; Two established apartments above the laundromat provide immediate rental income.; Newer roof (2022), new hot water heaters, and furnace minimize potential maintenance costs.
