Three-Story Mixed-Use
For Sale
$795,000
1582 Irving St, Rahway, NJ 07065
Ground-floor retail space is paired with two apartments, including two three-bedroom layouts.
Property Size2,650 SF
Price / SF$300
Days on Market103
Property Features for 1582 Irving St
General Information
Standard status
Active
Size
2,650 SF
Property subtype
Commercial
Zoning
S01-COMM
Net Operating Income
$63,567
Units
Unit Mix
3BR/2BA, 3BR/1BA
Multifamily Units
2
Building Details
Building Size
2,650 SF
Year Built
1930
Year Renovated
2012
Buildings
1
Stories
3
Units
3
Listing Agency:
Keller Williams Realty
(908) 233-8502
Listed By:
Jon Carlo Cascio
(908) 347-5119
Source:
Cammarotarealestate
Added: Jul 13
Changed: Oct 22
Last Checked: Oct 22 at 2:19PM
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 Keller Williams Realty
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Investment Insights
Based on property information with market context.
This three-story mixed-use building combines approximately 950 square feet of ground-floor retail with two residential apartments. One apartment has three bedrooms and two bathrooms; the other has three bedrooms and one bathroom. The building was constructed in 1930 and received a major update in 2012. Improvements include a stucco exterior, some replacement windows, refreshed kitchens and bathrooms, bamboo and ceramic tile flooring, new furnaces and water heaters, plumbing and electrical upgrades, and new sheetrock, doors, and trim.
The property is at 1582 Irving St in Rahway, directly across from the Union County Performing Arts Center. It is zoned S01-COMM.
The property is at 1582 Irving St in Rahway, directly across from the Union County Performing Arts Center. It is zoned S01-COMM.
Key Highlights
- Approximately 950 square feet of ground‑floor retail space
- Two residential apartments: one with 3 bedrooms and 2 bathrooms, one with 3 bedrooms and 1 bathroom
- Three‑story building, built in 1930 and updated in 2012
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,752
Cap Rate
5.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$815,040
$815.0K
Cap Rate 7%
$582,171
$582.2K
Cap Rate 9%
$452,800
$452.8K
Market Conditions
NOI Build-Up for 2,650 SF
Gross rent
$79.5K $30.00/SF
− Vacancy
−$5.4K −$2.04/SF
EGI
$74.1K $27.96/SF
− OpEx
−$33.3K −$12.58/SF
NOI
$40.8K $15.38/SF
Area
Union 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 Rate 5%
$815,040
Cap Rate 7%
$582,171
Cap Rate 9%
$452,800
Alternative Uses
Best Use
Apartment 5plus
$582.2K
$509.4K – $679.2K
NOI $40,752 @ 7.0% cap · market cap 5.13%
Second Best
Retail
$540.3K
$472.8K – $630.4K
NOI $37,824 @ 7.0% cap · market cap 4.76%
Theoretical Best
Office A
$692.0K
$605.5K – $807.3K
NOI $48,438 @ 7.0% cap · market cap 6.09%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,263
Businesses Nearby
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Business Placement
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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor retail space is paired with two apartments, including two three-bedroom layouts.
Where is this mixed-use property located?
The property is located at 1582 Irving St Rahway, NJ.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Approximately 950 square feet of ground‑floor retail space; Two residential apartments: one with 3 bedrooms and 2 bathrooms, one with 3 bedrooms and 1 bathroom; Three‑story building, built in 1930 and updated in 2012
