Restaurant with Attached Income
For Sale
$950,000
1553-1555 SUMMIT AVE, Hillside, NJ 07205
For sale as a built restaurant operation with an attached income-producing unit and included liquor license, inventory, and equipment.
Property Size3,999 SF
Price / SF$237.56
Days on Market223
Property Features for 1553-1555 SUMMIT AVE
General Information
Standard status
Active
Size
3,999 SF
Property subtype
General Commercial
Additional Details
Furnished
Yes
Business Included
Yes
Liquor License
Yes
Taxes and HOA fees
Annual Taxes
$10,758
Amenities
3
Laminate
Fire Alarm
Asphalt Shingle
R40T
Parking. Corner Lot.
2 Car Garage, Assigned Parking Space, Driveway.
40X100, 40X100
Handicapped Access, Freestanding. Corner.
Building Details
Year Built
1944
Listing Agency:
CORCORAN SAWYER SMITH
(551) 399-5525
Listed By:
DAVID LINCOLN WILSON
(551) 399-5525
Source:
Xome
Added: Jan 1
Changed: Aug 8
Last Checked: Aug 11 at 4:45AM
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 CORCORAN SAWYER SMITH
Investment Insights
Based on property information with market context.
The offering at 1553 Summit Ave #1553 is a fully built restaurant/bar business and includes the items needed to operate, such as a liquor license, inventory, security system, furniture, and fixtures. The property is also described as having an attached income-producing unit, which is included as part of the sale.
The property is located at 1553-1555 Summit Ave Unit 1553 in Hillside Township, NJ 07205.
The sale is structured to support an operator looking to take over an existing, ready-to-run concept, with the attached unit positioned to provide additional revenue alongside the main business.
The property is located at 1553-1555 Summit Ave Unit 1553 in Hillside Township, NJ 07205.
The sale is structured to support an operator looking to take over an existing, ready-to-run concept, with the attached unit positioned to provide additional revenue alongside the main business.
Key Highlights
- Built restaurant operation for sale with an attached income‑producing unit
- Sale includes liquor license, inventory, security system, furniture, and fixtures/equipment for the operation
- Corner lot with handicapped access and freestanding exterior features
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
$61,156
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
6.44%
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%
$1,223,120
$1.2M
Cap Rate 7%
$873,657
$873.7K
Cap Rate 9%
$679,511
$679.5K
Market Conditions
NOI Build-Up for 3,999 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
$86.4K $21.60/SF
− Vacancy
−$4.8K −$1.21/SF
EGI
$81.5K $20.39/SF
− OpEx
−$20.4K −$5.10/SF
NOI
$61.2K $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%
$1,223,120
Cap Rate 7%
$873,657
Cap Rate 9%
$679,511
Alternative Uses
Best Use
Specialty Retail
$873.7K
$764.5K – $1.02M
NOI $61,156 @ 7.0% cap · market cap 6.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$913.7K – $1.22M
NOI $73,095 @ 7.0% cap · market cap 7.69%
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
1,756
Businesses Nearby
50k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 57%
Shops & Services 43%
Wendy's
Dining
19,257 visits/mo
0.4 miles
BP
Shops & Services
14,419 visits/mo
0.5 miles
Dunkin' Donuts
Dining
9,513 visits/mo
0.5 miles
Wells Fargo
Shops & Services
6,362 visits/mo
0.4 miles
No Limit Towing Llc
Shops & Services
693 visits/mo
0.4 miles
Demographics for 07205, NJ
22,432
Population
7,550
Households
3
Avg Household Size
39
Median Age
29%
College-Educated
87%
High-School Grad
2.8 sq mi
ZIP Area
8,011
Density / Sq Mi
$98,558
Median Household Income
$47,633
Median Earnings
$1,712
Median Rent
$363,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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- Carli's Lounge — 1555 Summit Ave, Hillside, NJ 07205
- Tankys Bar & Grill — 330 Long Ave, Hillside, NJ 07205
Frequently Asked Questions
What type of property is this?
Bar & Pub - For sale as a built restaurant operation with an attached income-producing unit and included liquor license, inventory, and equipment.
Where is this bar & pub located?
The property is located at 1553-1555 SUMMIT AVE Hillside, NJ.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Built restaurant operation for sale with an attached income‑producing unit; Sale includes liquor license, inventory, security system, furniture, and fixtures/equipment for the operation; Corner lot with handicapped access and freestanding exterior features
