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    Mixed-Use Asset in Newark Title is generated by Realmo AI

    149 Verona Ave, Newark, NJ 07104

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    For Sale
    $1,800,000

    Mixed-use property with retail and residential components in Newark, NJ.

    Type:Warehouse
    Property size:
    9,500 SF
    Lot size:
    0.23 Acres
    Price / SF:
    $189/SF
    Added:
    Apr 3, 2026
    Days on Market:
    66
    Last Refresh:
    Apr 3 at 5:17 am

    Property Features for 149 Verona Ave

    General Information

    Standard status
    Active
    Size
    9,500 SF
    Lot size
    0.23 Acres
    Property subtype
    Warehouse

    Building Details

    Year Built
    1968

    We can help!

    Listing Contact
    Scott Geller
    Scott Geller

    Listing agent Scott Geller License #NJ: 1649748

    Listing office New Jersey Office

    Listing date Apr 3, 2026

    Source Marcusmillichap

    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 New Jersey Office

    HighLights

    • Attractive 7.86% Cap Rate with Upside Potential
    • Stable, In‑Place Income from Retail Tenant (US Wholesale Tobacco) Leased Through August 2027
    • Mixed‑Use Asset: Retail/Industrial Space and Two Residential Apartments (90% Occupied)
    • Located in Growing North Broadway Submarket of Newark, NJ, with Steady Residential Rent Growth
    • Excellent Walk Score (78) and Good Transit Score (56) with Multiple Bus Routes
    • Convenient Access to Major Routes: Route 21, Route 3, I‑280, I‑95, and Garden State Parkway

    Overview

    The property at 149 Verona Avenue is a mixed-use asset located in the North Broadway submarket of Newark, New Jersey. The property encompasses approximately 9,500 square feet on a 10,660-square-foot (0.225-acre) lot and is currently 90% occupied, featuring one retail/industrial tenant and two residential apartments. The retail tenant, US Wholesale Tobacco, occupies the warehouse structure situated along the northern boundary of the property, as well as the garage spaces on the western side. The warehouse features 15-foot clear heights and one drive-in door, and is leased through August 2027, providing stable, in-place income. The residential component consists of two 2-bedroom / 1-bath units located within a two-story, red-brick walk-up building positioned on the eastern portion of the site. North Broadway is a densely populated, urban neighborhood characterized by a diverse mix of residential, commercial, and light industrial uses. Its rental-heavy housing stock, strong population density, and adjacency to Newark’s riverfront corridor support sustained retail and service demand as well as ongoing mixed-use redevelopment activity. The submarket has demonstrated steady residential rent growth and offers a more affordable alternative to Downtown Newark while benefiting from proximity to major employment centers. The property has a Walk Score of 78 and a Transit Score of 56, supported by multiple bus routes serving the Broadway & Verona Avenue corridor (including routes 13, 27, 74, 99, and 109). Regional connectivity is further enhanced by immediate access to Route 21, less than five blocks away and convenient proximity to Route 3, I-280, I-95, and the Garden State Parkway.

    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 $285.0k $30.00
    − Vacancy −$14.5k −$1.53
    EGI $270.5k $28.47
    − OpEx −$121.7k −$12.81
    NOI $148.8k $15.66
    9,500 SF · lease $30.00/SF/yr · vacancy 5.10% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $2.13M
    $1.86M – $2.48M (±1% cap)
    NOI $148,756 @ 7.0% cap · market cap 8.26%
    Second Best
    Retail
    $2.07M
    $1.81M – $2.42M (±1% cap)
    NOI $145,076 @ 7.0% cap · market cap 8.06%
    Theoretical Best
    Office A
    $3.00M
    $2.63M – $3.51M (±1% cap)
    NOI $210,348 @ 7.0% cap · market cap 11.69%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Newark
    County
    Essex
    State
    New Jersey
    Longitude
    -74.1592475
    Latitude
    40.7808856

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with retail and residential components in Newark, NJ.
    Where is this mixed-use property located?
    The property is located at 149 Verona Ave Newark, NJ.
    What is the asking price?
    The asking price for this property is $1,800,000.
    What are key features of this property?
    This property features: Attractive 7.86% Cap Rate with Upside Potential; Stable, In‑Place Income from Retail Tenant (US Wholesale Tobacco) Leased Through August 2027; Mixed‑Use Asset: Retail/Industrial Space and Two Residential Apartments (90% Occupied)
    (201) 742-6167
    We can help!
    Listing Contact
    Scott Geller
    Scott Geller
    Real Estate License ID: NJ: 1649748
    Learn More
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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.

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