Mixed-Use Building with Retail
For Sale
$1,775,000
Pending
451 Springdale Ave, East Orange, NJ 07017
Mixed-use building featuring apartments and a retail space.
Property Size6,746 SF
Lot Size0.15 Acres
Days on Market615
Property Features for 451 Springdale Ave
General Information
Standard status
Pending
Size
6,746 SF
Lot size
0.15 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$33,354
Amenities
Central air
4+ Units Cooling
4+ Units Heating
Blacktop Driveway
Central Air Cooling
Corner
Driveway-Exclusive
Flat Roof
Forced Hot Air Heating
Listing Agency:
HOMEQUEST REALTY GROUP, LLC
(973) 337-5170
Listed By:
RACHELE JEANLOUIS · License #0900827
(908) 392-4644
Source:
Corcoran
Added: Feb 5, 2025
Changed: Aug 27
Last Checked: Aug 25 at 5:07AM
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 HOMEQUEST REALTY GROUP, LLC
Investment Insights
Based on property information with market context.
This mixed-use building features seven apartments and a retail space. The building is a two-story brick structure. The apartments include six two-bedroom units and one three-bedroom unit, each with one full bath. The units have been renovated and feature stainless steel appliances in the kitchens, which open to living and dining areas. Central air conditioning is provided in each unit. The retail space is currently rented as a convenience store. The property is located in East Orange, in an area with high foot traffic and convenient access to major transportation services. The property is 6746 square feet and is an income-producing asset.
Key Highlights
- Strong income‑producing asset with a lucrative, currently rented retail space.
- Seven spacious apartments, including six 2‑bedroom units and one 3‑bedroom unit.
- Thoughtfully renovated apartments with modern living concepts.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$103,740
Cap Rate
5.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,074,800
$2.1M
Cap Rate 7%
$1,482,000
$1.5M
Cap Rate 9%
$1,152,667
$1.2M
Market Conditions
NOI Build-Up for 6,746 SF
Gross rent
$202.4K $30.00/SF
− Vacancy
−$13.8K −$2.04/SF
EGI
$188.6K $27.96/SF
− OpEx
−$84.9K −$12.58/SF
NOI
$103.7K $15.38/SF
Area
Essex County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,074,800
Cap Rate 7%
$1,482,000
Cap Rate 9%
$1,152,667
Alternative Uses
Best Use
Apartment 5plus
$1.48M
$1.30M – $1.73M
NOI $103,740 @ 7.0% cap · market cap 5.84%
Second Best
Mixed Use
$1.33M
$1.16M – $1.55M
NOI $93,095 @ 7.0% cap · market cap 5.24%
Theoretical Best
Office A
$1.76M
$1.54M – $2.06M
NOI $123,306 @ 7.0% cap · market cap 6.95%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Location Intelligence
Trade Area within ½ mile
992
Businesses Nearby
Explore this area
Business Placement
Demographics for 07017, NJ
39,054
Population
16,770
Households
2.3
Avg Household Size
37
Median Age
22%
College-Educated
88%
High-School Grad
2.3 sq mi
ZIP Area
16,980
Density / Sq Mi
$61,552
Median Household Income
$39,847
Median Earnings
$1,346
Median Rent
$316,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building featuring apartments and a retail space.
Where is this mixed-use property located?
The property is located at 451 Springdale Ave East Orange, NJ.
What is the asking price?
The asking price for this property is $1,775,000.
What are key features of this property?
This property features: Strong income‑producing asset with a lucrative, currently rented retail space.; Seven spacious apartments, including six 2‑bedroom units and one 3‑bedroom unit.; Thoughtfully renovated apartments with modern living concepts.
