Multi-Tenant Industrial Flex
For Sale
Contact for pricing
488-500 Mulberry St, Newark, NJ 07114
Fully leased flex/industrial building with multiple drive-in and tailboard doors and 16 to 20-foot ceiling heights.
Property Size53,440 SF
Price / SF$215.19
Days on Market501
Property Features for 488-500 Mulberry St
General Information
Standard status
Active
Size
53,440 SF
Property subtype
INDUSTRIAL
Zoning
MX-2
Occupancy
100%
Warehouse & Industrial
Clear Height
20 ft
Dock-High Doors
3
Drive-In Doors
5
Building Details
Tenancy
Multi
Listing Agency:
Sitar Realty Company - Corporate
(732) 283-9000
Listed By:
William Sitar Jr. · License #321841
(973) 202-9119
Source:
Moodyscre
Added: May 2, 2025
Changed: Aug 14
Last Checked: Sep 13 at 5:26AM
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 Sitar Realty Company - Corporate
Investment Insights
Based on property information with market context.
This fully leased industrial flex building is configured with warehouse space plus an office and mezzanine area. The owner can vacate approximately 3,300 SF of office and 5,000 SF of mezzanine, along with 13,000 SF of warehouse, for a user buyer. The building also includes a mix of loading doors, including three tailboard doors and five drive-in doors, with drive-in doors between units. Ceiling heights are reported at 16 to 20 feet.
The property is zoned MX-2 Med-Density Res/Comm/Industrial, and the remarks note redevelopment zoning for an 8-story residential use. Dropbox materials are available with a signed NDA. Property taxes are listed at approximately $57,000 per year, and owner financing is available.
The asset is being sold as a multi-tenant industrial and flex offering with access tailored to warehouse operations through multiple loading configurations and unit-to-unit drive-in access.
The property is zoned MX-2 Med-Density Res/Comm/Industrial, and the remarks note redevelopment zoning for an 8-story residential use. Dropbox materials are available with a signed NDA. Property taxes are listed at approximately $57,000 per year, and owner financing is available.
The asset is being sold as a multi-tenant industrial and flex offering with access tailored to warehouse operations through multiple loading configurations and unit-to-unit drive-in access.
Key Highlights
- Fully leased industrial building with flexible leases for current tenants
- Owner can vacate up to 13,300 SF office, 5,000 SF mezzanine, and 13,000 SF warehouse for a user buyer
- Zoned MX‑2 Med‑Density Res/Comm/Industrial, with redevelopment zoning for 8‑story residential
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$667,515
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.80%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$13,350,300
$13.4M
Cap Rate 7%
$9,535,929
$9.5M
Cap Rate 9%
$7,416,833
$7.4M
Market Conditions
NOI Build-Up for 53,440 SF
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.
Gross rent
$833.7K $15.60/SF
− Vacancy
−$48.4K −$0.90/SF
EGI
$785.3K $14.70/SF
− OpEx
−$117.8K −$2.20/SF
NOI
$667.5K $12.49/SF
Area
Newark, NJ
Vacancy
5.80%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$13,350,300
Cap Rate 7%
$9,535,929
Cap Rate 9%
$7,416,833
Alternative Uses
Best Use
Warehouse
$9.54M
$8.34M – $11.13M
NOI $667,515 @ 7.0% cap · market cap 5.80%
Second Best
Industrial
$7.85M
$6.87M – $9.16M
NOI $549,718 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$18.93M
$16.57M – $22.09M
NOI $1,325,423 @ 7.0% cap · market cap 11.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
20 ft
Clear height
3
Dock-high doors
5
Drive-in doors
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,274
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 07114, NJ
17,767
Population
4,694
Households
3.8
Avg Household Size
39
Median Age
9%
College-Educated
69%
High-School Grad
7.9 sq mi
ZIP Area
2,249
Density / Sq Mi
$34,167
Median Household Income
$35,916
Median Earnings
$616
Median Rent
$384,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Northeast region
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Frequently Asked Questions
What type of property is this?
Flex space - Fully leased flex/industrial building with multiple drive-in and tailboard doors and 16 to 20-foot ceiling heights.
Where is this flex space located?
The property is located at 488-500 Mulberry St Newark, NJ.
What is the asking price?
The asking price for this property is $11,500,000.
What are key features of this property?
This property features: Fully leased industrial building with flexible leases for current tenants; Owner can vacate up to 13,300 SF office, 5,000 SF mezzanine, and 13,000 SF warehouse for a user buyer; Zoned MX‑2 Med‑Density Res/Comm/Industrial, with redevelopment zoning for 8‑story residential
