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    Irvington Development Site with Potential Title is generated by Realmo AI

    154 Eastern Pkwy, Irvington, NJ 07111

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    For Sale
    $6,000,000

    Commercial - Irvington Twp., NJ

    Property size:
    37,804 SF
    Price / SF:
    $158/SF
    Added:
    Sep 19, 2025
    Days on Market:
    251
    Last Refresh:
    May 27 at 3:06 pm

    Property Features for 154 Eastern Pkwy

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    A4
    Rooms
    Basement
    Basement Y/N
    1
    Standard status
    Active
    Size
    37,804 SF

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    1586

    Utilities

    Cooling system
    Multi Units

    Building Details

    Floors in Building
    2
    Number of units
    1
    Building materials
    Block, Brick
    Roof type
    Flat
    Architectural style
    Other

    We can help!

    Listing Contact
    FELICIA M. HANKERSON

    Listing agent FELICIA M. HANKERSON

    Listing office REAL 165 PASSAIC AVE, Haddon Township, NJ

    Listing date Sep 19, 2025

    MLS# 3988067 Listing URL

    Copyright © 2026 Garden State MLS, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • High‑traffic location in the heart of Irvington with 4‑A zoning, ideal for redevelopment.
    • Large .97 acre (37,804 SF) lot, flat and accessible, suitable for various development projects.
    • Existing 13,900 SF building currently operating as a lounge/entertainment venue.
    • 100 dedicated parking spaces, essential for high‑traffic businesses.
    • Additional 5,000 SF of underutilized storage/function space for potential conversion.
    • Bonus license package available (at additional cost) and proximity to Garden State Parkway.

    Overview

    This property in Irvington offers a development opportunity with nearly an acre (0.97 acres) of 4-A zoned real estate. Currently operating as a lounge and entertainment venue, the site includes a 13,900 square foot building on a 37,804 square foot lot with 100 parking spaces. The structure also features an additional 5,000 square feet of underutilized storage/function space, suitable for conversion into rentable area or expanded use. The zoning allows for potential multifamily, mixed-use, religious, event, or commercial development. The flat, accessible lot is well-located for redevelopment and offers high visibility and commuter convenience, being minutes from the Garden State Parkway. The property is a bundle package of 4 lots and one 2 family building consisting of 154 Eastern Pkwy, 411-421 16th Ave, 405 16th Ave, and 403 16th Ave.

    Financial Insights

    Value Estimation Calculated for Retail

    Conservative
    $6.00M
    NOI $539,587 @ 9.00% cap · cautious / downside scenario
    Moderate
    $7.71M
    NOI $539,587 @ 7.00% cap · market / base-case scenario
    Aggressive
    $10.79M
    NOI $539,587 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    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.
         Calculated for Retail

    Component $ $/SF
    Gross rent $816.6k $21.60
    − Vacancy −$45.7k −$1.21
    EGI $770.8k $20.39
    − OpEx −$231.3k −$6.12
    NOI $539.6k $14.27
    37,804 SF · lease $21.60/SF/yr · vacancy 5.60% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Retail
    $7.71M
    $6.74M – $8.99M (±1% cap)
    NOI $539,587 @ 7.0% cap · market cap 8.99%
    Second Best
    Industrial
    $6.19M
    $5.41M – $7.22M (±1% cap)
    NOI $433,194 @ 7.0% cap · market cap 7.22%
    Theoretical Best
    Office A
    $9.87M
    $8.64M – $11.52M (±1% cap)
    NOI $690,997 @ 7.0% cap · market cap 11.52%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Cricket Club Entertainment ... Wedding Service

    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
    Irvington
    County
    Essex
    State
    New Jersey
    Longitude
    -74.216
    Latitude
    40.73909

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    FAQs

    What type of property is this?
    Commercial land - High-traffic Irvington development site with licensing opportunities.
    Where is this commercial land located?
    The property is located at 154 Eastern Pkwy Irvington, NJ.
    What is the asking price?
    The asking price for this property is $6,000,000.
    What are key features of this property?
    This property features: High‑traffic location in the heart of Irvington with 4‑A zoning, ideal for redevelopment.; Large .97 acre (37,804 SF) lot, flat and accessible, suitable for various development projects.; Existing 13,900 SF building currently operating as a lounge/entertainment venue.
    (855) 450-0442
    We can help!
    Listing Contact
    FELICIA M. HANKERSON
    Real Estate License ID: 9480623
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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.

    More about this property
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    154 Eastern Pkwy, Irvington Twp., NJ 07111-3804
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