Mixed-Use Corner
For Sale
$1,690,000
1406 Springfield Ave, Irvington, NJ 07111
Corner mixed-use building with renovated apartments and a long-tenured daycare tenant, plus fenced parking and garage.
Property Size10,000 SF
Days on Market69
Property Features for 1406 Springfield Ave
General Information
Standard status
Active
Size
10,000 SF
Total Parking Spaces
6
Zoning
Mixed Use
Additional Details
Cap Rate
6.29%
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$22,262
Amenities
Full, Unfinished
Building Details
Building Size
10,000 SF
Year Built
1920
Year Renovated
2004
Tenancy
Multi
Listing Agency:
REALTYLINE
Listed By:
NINETTA PAPPAS
(201) 592-1388
Source:
Evrealestate
Added: Jun 29
Changed: Sep 4
Last Checked: Sep 5 at 4:27AM
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 REALTYLINE
Investment Insights
Based on property information with market context.
This corner mixed-use property was completely gutted and renovated in 2004 and features four 3-bedroom apartments along with a large commercial space currently occupied by a daycare that has been there for over 20 years. The building includes central air and heat throughout, a 3-car garage, and a fenced parking lot. A full unfinished basement is also included and may offer additional commercial use opportunities, subject to approvals.
The property is located on the Upper Irvington/Maplewood border at 1406 Springfield Ave in Irvington Township, NJ. The building is described as approximately 4,396 SF per level, including the basement.
Financials are available upon request. The property is offered for sale with an indicated 6.29% cap rate and is described as having stable tenants with future income growth potential.
The property is located on the Upper Irvington/Maplewood border at 1406 Springfield Ave in Irvington Township, NJ. The building is described as approximately 4,396 SF per level, including the basement.
Financials are available upon request. The property is offered for sale with an indicated 6.29% cap rate and is described as having stable tenants with future income growth potential.
Key Highlights
- Corner mixed‑use property with four 3‑bedroom apartments and a large commercial space currently occupied by a daycare tenant
- Completely gutted and renovated in 2004; long‑tenured daycare tenant has operated there for over 20 years
- Central air and heat throughout, plus a 3‑car garage and a fenced parking lot
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
$153,780
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
9.10%
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%
$3,075,600
$3.1M
Cap Rate 7%
$2,196,857
$2.2M
Cap Rate 9%
$1,708,667
$1.7M
Market Conditions
NOI Build-Up for 10,000 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
$300.0K $30.00/SF
− Vacancy
−$20.4K −$2.04/SF
EGI
$279.6K $27.96/SF
− OpEx
−$125.8K −$12.58/SF
NOI
$153.8K $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 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%
$3,075,600
Cap Rate 7%
$2,196,857
Cap Rate 9%
$1,708,667
Alternative Uses
Best Use
Multifamily LT 5
$2.39M
$2.09M – $2.79M
NOI $167,362 @ 7.0% cap · market cap 9.90%
Second Best
Apartment 5plus
$2.20M
$1.92M – $2.56M
NOI $153,780 @ 7.0% cap · market cap 9.10%
Theoretical Best
Office A
$2.61M
$2.28M – $3.05M
NOI $182,784 @ 7.0% cap · market cap 10.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,357
Businesses Nearby
Explore this area
Business Placement
Demographics for 07111, NJ
61,176
Population
24,176
Households
2.5
Avg Household Size
36
Median Age
22%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
21,095
Density / Sq Mi
$59,232
Median Household Income
$37,640
Median Earnings
$1,324
Median Rent
$291,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Corner mixed-use building with renovated apartments and a long-tenured daycare tenant, plus fenced parking and garage.
Where is this mixed-use property located?
The property is located at 1406 Springfield Ave Irvington, NJ.
What is the asking price?
The asking price for this property is $1,690,000.
What are key features of this property?
This property features: Corner mixed‑use property with four 3‑bedroom apartments and a large commercial space currently occupied by a daycare tenant; Completely gutted and renovated in 2004; long‑tenured daycare tenant has operated there for over 20 years; Central air and heat throughout, plus a 3‑car garage and a fenced parking lot
