Multi-Story Conventional
New
For Sale
$799,000
1449 Irving St, Rahway, NJ 07065
Downtown storefront with professional cooking equipment, an outdoor patio, and upper-level space for additional uses.
Property Size2,532 SF
Days on Market2
Property Features for 1449 Irving St
General Information
Standard status
Active
Size
2,532 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,599
Building Details
Building Size
2,532 SF
Year Built
1900
Stories
3
Units
1
Listing Agency:
Signature Realty NJ LLC - Westfield
(973) 921-1111
Listed By:
DANIEL MONTANO
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 3:23PM
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 Signature Realty NJ LLC - Westfield
Investment Insights
Based on property information with market context.
This 2,532 SF conventional restaurant occupies a multi-story storefront and includes a Bonnet Maestro professional French cooking suite. An outdoor patio extends the available dining area, while the upper floors provide additional space that can accommodate private dining, events, offices, or apartments, subject to verification.
The property is located at 1449 Irving St in downtown Rahway, one block from the NJ Transit rail station and near the Union County Performing Arts Center and Rahway Arts District. CBD-1 zoning within the Central Business District Redevelopment Plan permits full-service, liquor-licensed dining, although a liquor license is not included. Reuse of the existing building does not require off-street parking; public lots and on-street spaces serve the area. The building dates to 1900, and buyers should verify zoning, permitted uses, included equipment, and square footage.
The property is located at 1449 Irving St in downtown Rahway, one block from the NJ Transit rail station and near the Union County Performing Arts Center and Rahway Arts District. CBD-1 zoning within the Central Business District Redevelopment Plan permits full-service, liquor-licensed dining, although a liquor license is not included. Reuse of the existing building does not require off-street parking; public lots and on-street spaces serve the area. The building dates to 1900, and buyers should verify zoning, permitted uses, included equipment, and square footage.
Key Highlights
- 2,532 SF multi‑story storefront restaurant
- Bonnet Maestro professional French cooking suite included
- Outdoor patio expands the dining area
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
$38,721
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
4.85%
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%
$774,420
$774.4K
Cap Rate 7%
$553,157
$553.2K
Cap Rate 9%
$430,233
$430.2K
Market Conditions
NOI Build-Up for 2,532 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
$54.7K $21.60/SF
− Vacancy
−$3.1K −$1.21/SF
EGI
$51.6K $20.39/SF
− OpEx
−$12.9K −$5.10/SF
NOI
$38.7K $15.29/SF
Area
Union County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$774,420
Cap Rate 7%
$553,157
Cap Rate 9%
$430,233
Alternative Uses
Best Use
Specialty Retail
$553.2K
$484.0K – $645.4K
NOI $38,721 @ 7.0% cap · market cap 4.85%
Second Best
Retail
$516.3K
$451.8K – $602.3K
NOI $36,140 @ 7.0% cap · market cap 4.52%
Theoretical Best
Office A
$661.2K
$578.5K – $771.4K
NOI $46,281 @ 7.0% cap · market cap 5.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,151
Businesses Nearby
14k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 44%
Electronics 37%
Hotels & Casinos 12%
Dining 7%
Columbia Bank
Shops & Services
6,121 visits/mo
0.1 miles
Boost Mobile
Electronics
5,135 visits/mo
0.1 miles
Super 8 Rahway/Newark
Hotels & Casinos
1,734 visits/mo
0.4 miles
Azteca
Dining
905 visits/mo
0.2 miles
Demographics for 07065, NJ
29,556
Population
12,811
Households
2.3
Avg Household Size
39
Median Age
36%
College-Educated
90%
High-School Grad
3.9 sq mi
ZIP Area
7,578
Density / Sq Mi
$90,852
Median Household Income
$57,021
Median Earnings
$1,764
Median Rent
$362,300
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Downtown storefront with professional cooking equipment, an outdoor patio, and upper-level space for additional uses.
Where is this conventional restaurant located?
The property is located at 1449 Irving St Rahway, NJ.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 2,532 SF multi‑story storefront restaurant; Bonnet Maestro professional French cooking suite included; Outdoor patio expands the dining area
