Two-Level Restaurant with Outdoor
For Sale
$1,495,000
1452 Lower Rd #1&2, Elizabeth, NJ 07208
Takeout restaurant with event space, an outdoor area, and an existing liquor license.
Property Size4,000 SF
Days on Market44
Property Features for 1452 Lower Rd #1&2
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Commercial
Zoning
mixed
Restaurant
Patio
Yes
Equipment Included
Yes
Liquor License
Yes
Additional Details
Business Included
Yes
Amenities
private party space on second floor
two bars
Building Details
Building Size
4,000 SF
Year Built
1940
Buildings
1
Stories
2
Units
1
Listing Agency:
Re/Max New Millennium Group
(908) 282-1234
Listed By:
Antonio Pereira
Source:
Betterhomerealestate
Added: Jul 17
Changed: Aug 28
Last Checked: Aug 28 at 8:29PM
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 Re/Max New Millennium Group
Investment Insights
Based on property information with market context.
This restaurant property combines an operating food-service business with the building at 1452 Lower Rd #1&2 in Elizabeth City, New Jersey. The layout includes takeout service, an outdoor area, and a second floor configured for private parties and events. Two bars serve the premises, with one located on each level, and the building contains four bathrooms, split evenly between the floors.
The property was built in 1940 and has undergone updates to the floors, bathrooms, lighting, electrical system, and plumbing. Restaurant equipment and the liquor license are included, along with the right to continue operating under the name Rei Da Manivela. The transaction includes both the building and business, with a possible business-only structure and future option to purchase the building.
The property was built in 1940 and has undergone updates to the floors, bathrooms, lighting, electrical system, and plumbing. Restaurant equipment and the liquor license are included, along with the right to continue operating under the name Rei Da Manivela. The transaction includes both the building and business, with a possible business-only structure and future option to purchase the building.
Key Highlights
- Building and operating restaurant business included at 1452 Lower Rd #1&2
- Takeout operation with outdoor area and second‑floor private party and event space
- Four bathrooms, with two on each level
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
$63,954
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
4.28%
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%
$1,279,080
$1.3M
Cap Rate 7%
$913,629
$913.6K
Cap Rate 9%
$710,600
$710.6K
Market Conditions
NOI Build-Up for 4,000 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
$91.2K $22.80/SF
− Vacancy
−$5.9K −$1.48/SF
EGI
$85.3K $21.32/SF
− OpEx
−$21.3K −$5.33/SF
NOI
$64.0K $15.99/SF
Area
Elizabeth, NJ
Vacancy
6.50%
Lease Rate
$22.80 /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%
$1,279,080
Cap Rate 7%
$913,629
Cap Rate 9%
$710,600
Alternative Uses
Best Use
Specialty Retail
$913.6K
$799.4K – $1.07M
NOI $63,954 @ 7.0% cap · market cap 4.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.48M
$1.30M – $1.73M
NOI $103,711 @ 7.0% cap · market cap 6.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
831
Businesses Nearby
32k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 53%
Dining 28%
Groceries 16%
Apparel 3%
Dollar General
Shops & Services
16,133 visits/mo
0.1 miles
Dunkin' Donuts
Dining
8,798 visits/mo
0.4 miles
Save-A-Lot
Groceries
5,060 visits/mo
0.5 miles
REI
Apparel
969 visits/mo
0.1 miles
U-Haul
Shops & Services
839 visits/mo
0.4 miles
Demographics for 07208, NJ
33,561
Population
12,958
Households
2.6
Avg Household Size
37
Median Age
21%
College-Educated
81%
High-School Grad
1.8 sq mi
ZIP Area
18,645
Density / Sq Mi
$61,873
Median Household Income
$36,373
Median Earnings
$1,364
Median Rent
$425,600
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 - Takeout restaurant with event space, an outdoor area, and an existing liquor license.
Where is this conventional restaurant located?
The property is located at 1452 Lower Rd #1&2 Elizabeth, NJ.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Building and operating restaurant business included at 1452 Lower Rd #1&2; Takeout operation with outdoor area and second‑floor private party and event space; Four bathrooms, with two on each level
