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Mixed-Use Property For Sale

820 Bloomfield Ave, Verona, NJ 07044

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For Sale

$899,900

Mixed-use property with multi-family development potential in a desirable area.

Type:Commercial/Industrial

Property size:

2,997 SF

Lot size:

0.28 Acres

Price / SF:

$300/SF

HighLights

Potential multi‑family development opportunity in a desirable area.
Zoned for mixed use, allowing for flexible development options.
Proximity to a new 100‑unit apartment project.
Approximately 1/3 acre lot suitable for 4‑6 units.
Current parking for 7 cars with street parking permitted.
High traffic count location (15,000 cars per day).

We can help!

Listing Contact

LYNNE MORTIMER

For Sale

$899,900

Mixed-use property with multi-family development potential in a desirable area.

Type:Commercial/Industrial

Property size:

2,997 SF

Lot size:

0.28 Acres

Price / SF:

$300/SF

Added:: Jul 9, 2024
Days on Market:: 713
Last Refresh:: May 19 at 10:33 pm

Property Features for 820 Bloomfield Ave

General Information

Standard status: Active
Size: 2,997 SF
Lot size: 0.28 Acres
Property subtype: Commercial/Industrial

Building Details

Year Built: 1870

We can help!

Listing Contact

LYNNE MORTIMER

Listing agent LYNNE MORTIMER

Listing office COLDWELL BANKER REALTY

Listing date Jul 9, 2024

Source Exitrealty

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All listing content including descriptions, pricing, images are the copyrighted material of COLDWELL BANKER REALTY

HighLights

Potential multi‑family development opportunity in a desirable area.
Zoned for mixed use, allowing for flexible development options.
Proximity to a new 100‑unit apartment project.
Approximately 1/3 acre lot suitable for 4‑6 units.
Current parking for 7 cars with street parking permitted.
High traffic count location (15,000 cars per day).

Overview

This mixed-use property offers potential for multi-family development on approximately 1/3 acre, accommodating 4-6 units in a desirable area. Zoned for mixed-use, a zoning variance may be required. Currently, the property is used as an apartment and retail/office space. Parking is available for 7 cars, with street parking also permitted. A new 100-unit apartment project is under construction across the street from the site. The location experiences a traffic count of approximately 15,000 cars per day. The property size is 2997 square feet.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$89.9k	$30.00
− Vacancy	−$6.1k	−$2.04
EGI	$83.8k	$27.96
− OpEx	−$37.7k	−$12.58
NOI	$46.1k	$15.38

2,997 SF · lease $30.00/SF/yr · vacancy 6.80% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$658.4K

$576.1K – $768.1K (±1% cap)

NOI $46,088 @ 7.0% cap · market cap 5.12%

Second Best

Office B

$655.1K

$573.2K – $764.2K (±1% cap)

NOI $45,854 @ 7.0% cap · market cap 5.10%

Theoretical Best

Office A

$782.6K

$684.8K – $913.0K (±1% cap)

NOI $54,780 @ 7.0% cap · market cap 6.09%

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

Property Profile Location Intelligence

Current Use by Public Records

Office Units

Suggested Use

Location Insight

Map
Local Demand

City: Verona
County: Essex
State: New Jersey
Longitude: -74.2547
Latitude: 40.8346

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For sale
Mixed-use properties
NJ
Verona
07044
820 Bloomfield Ave

What type of property is this?

Mixed-use property - Mixed-use property with multi-family development potential in a desirable area.

Where is this mixed-use property located?

The property is located at 820 Bloomfield Ave Verona, NJ.

What is the asking price?

The asking price for this property is $899,900.

What are key features of this property?

This property features: Potential multi‑family development opportunity in a desirable area.; Zoned for mixed use, allowing for flexible development options.; Proximity to a new 100‑unit apartment project.