Mixed-Use Property with Rental
1149 Raritan Avenue Highland Park, NJ 08904
1149 Raritan Avenue, Highland Park, NJ, 08904
$988,888
For Sale
$988,888
Mixed-use property featuring rental income and commercial parking.
Property Size2,800 SF
Price / SF$353.17
Days on Market972
Property Features for 1149 Raritan Avenue
General Information
- Standard status
- Active
- Size
- 2,800 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1950
Listing Agency
AMERICA AGENCY
(800) 541-1999
Listed by
LOUIS TRENTA
Source
Corcoran
Added: Nov 22, 2023 Updated: Jul 10 at 3:46 pm Checked: Jul 20 at 4:02 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 AMERICA AGENCY
Investment Insights
Based on property information with market context.
This mixed-use property, owned since 1958, offers a range of features and income potential. The building does not have gas, but gas is available in the street for hookup. A rear rental unit of 800 square feet generates $2,200 per month, inclusive of heat, with the tenant responsible for utilities. The rear unit is accessible from the Lexington Avenue side. The property features hot water baseboard heat with a separate thermostat. The rental unit has separate central air, while the front unit is equipped with a wall air conditioner. The owner covers the heat and hot water expenses for the rental unit. The building has all approved permits. The rear garage provides approximately 800-1000 square feet of space and includes two electric overhead remote controls, accommodating parking for four commercial trucks. A 6x8 loading dock is situated on the side of the building, leading to the front unit. A 150-foot radio tower, currently not in use but previously rented to a mobile phone company, is located at the rear of the building. The rental lease on the rear unit has 18 months remaining before termination. All permits for occupancy have been obtained. The owner may require up to six months to relocate and may need a use of occupancy if necessary. The property size is 2800 square feet.
Key Highlights
- Income‑generating rear rental unit: Provides $2,200 monthly income.
- Large rear garage: Offers 800‑1000 sq. ft. space with 2 electric overhead remote controls and parking for 4 commercial trucks.
- Environmentally clean: All necessary permits are approved.
Local Financial Insights For Retail
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 | $60.5k | $21.60 |
| − Vacancy | −$3.4k | −$1.21 |
| EGI | $57.1k | $20.39 |
| − OpEx | −$17.1k | −$6.12 |
| NOI | $40.0k | $14.27 |
2,800 SF · lease $21.60/SF/yr · vacancy 5.60% · expense 30.00%
Alternative Uses
Best Use
Retail
$570.9K
$499.6K – $666.1K
NOI $39,965 @ 7.0% cap · market cap 4.04%
Second Best
Mixed Use
$346.1K
$302.8K – $403.8K
NOI $24,227 @ 7.0% cap · market cap 2.45%
Theoretical Best
Office A
$731.1K
$639.8K – $853.0K
NOI $51,180 @ 7.0% cap · market cap 5.18%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Mixed-use property - Mixed-use property featuring rental income and commercial parking.
Where is this mixed-use property located?
The property is located at 1149 Raritan Avenue Highland Park, NJ.
What is the asking price?
The asking price for this property is $988,888.
What are key features of this property?
This property features: Income‑generating rear rental unit: Provides $2,200 monthly income.; Large rear garage: Offers 800‑1000 sq. ft. space with 2 electric overhead remote controls and parking for 4 commercial trucks.; Environmentally clean: All necessary permits are approved.
