Three-Story Mixed-Use
For Sale
$945,000
167 Harrison Ave, Montclair, NJ 07042
R2-zoned building with electric service, a gas water heater, and unfinished interior space.
Property Size1,833 SF
Price / SF$515.55
Days on Market211
Property Features for 167 Harrison Ave
General Information
Standard status
Active
Size
1,833 SF
Property subtype
Residential Income
Zoning
R2
Taxes and HOA fees
Annual Taxes
$11,444
Amenities
Electric
Unfinished
Gas Water Heater
3-Three Story
Building Details
Year Built
1885
Stories
3
Listing Agency:
Keller Williams City Life Realty
Listed By:
FRANK DARDEN MOOREFIELD · License #1324878
(201) 680-0559
Source:
Evrealestate
Added: Mar 5
Changed: Sep 28
Last Checked: Oct 1 at 10:26AM
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 City Life Realty
Investment Insights
Based on property information with market context.
This three-story mixed-use property contains 1,833 square feet and dates to 1885. Interior features include electric service, a gas water heater, and unfinished space.
The property is on Harrison Avenue between Charles and Cedar, near Nishuane Park, in Montclair Township, Essex County. R2 zoning is reported for the site.
The property is on Harrison Avenue between Charles and Cedar, near Nishuane Park, in Montclair Township, Essex County. R2 zoning is reported for the site.
Key Highlights
- 1,833‑square‑foot mixed‑use property
- Three‑story building
- Built in 1885
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
$28,188
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
2.98%
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%
$563,760
$563.8K
Cap Rate 7%
$402,686
$402.7K
Cap Rate 9%
$313,200
$313.2K
Market Conditions
NOI Build-Up for 1,833 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
$55.0K $30.00/SF
− Vacancy
−$3.7K −$2.04/SF
EGI
$51.3K $27.96/SF
− OpEx
−$23.1K −$12.58/SF
NOI
$28.2K $15.38/SF
Area
Essex 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 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%
$563,760
Cap Rate 7%
$402,686
Cap Rate 9%
$313,200
Alternative Uses
Best Use
Apartment 5plus
$402.7K
$352.4K – $469.8K
NOI $28,188 @ 7.0% cap · market cap 2.98%
Second Best
Mixed Use
$361.4K
$316.2K – $421.6K
NOI $25,295 @ 7.0% cap · market cap 2.68%
Theoretical Best
Office A
$478.6K
$418.8K – $558.4K
NOI $33,504 @ 7.0% cap · market cap 3.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
505
Businesses Nearby
Explore this area
Business Placement
Demographics for 07042, NJ
27,384
Population
11,682
Households
2.3
Avg Household Size
39
Median Age
67%
College-Educated
96%
High-School Grad
3.8 sq mi
ZIP Area
7,206
Density / Sq Mi
$127,083
Median Household Income
$75,856
Median Earnings
$2,017
Median Rent
$733,100
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - R2-zoned building with electric service, a gas water heater, and unfinished interior space.
Where is this mixed-use property located?
The property is located at 167 Harrison Ave Montclair, NJ.
What is the asking price?
The asking price for this property is $945,000.
What are key features of this property?
This property features: 1,833‑square‑foot mixed‑use property; Three‑story building; Built in 1885
