Mixed-Use Property with
183 Prospect Street, South River, NJ 08882
For Sale
New
$1,599,000
Renovated restaurant space includes equipment, two residences, and extensive on-site parking.
Property Size3,737 SF
Price / SF$427.88
Days on Market2
Property Features for 183 Prospect Street
General Information
Standard status
Size
Property subtype
Additional Details
Equipment Included
Taxes and HOA fees
Annual Taxes
Amenities
Unit 1(3 Bedrooms
Kitchen
1 Bath
Living Room
See Remarks)
Unit 2(Dining Room
2 Bedrooms
Patio
Porch
Building Details
Building Size
Year Built
Year Renovated
Buildings
Stories
Listing Agency:
LACERDA REALTORS
Listed By:
I Cristina S. Lacerda
Source:
Lacerdarealtors
Added: Nov 12
Changed: Nov 13
Last Checked: Nov 12 at 8:56PM
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 LACERDA REALTORS
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Investment Insights
Based on property information with market context.
At 183 Prospect Street in South River, this mixed-use property includes a bar and restaurant renovated in 2010, with equipment included. A billiards room occupies the lower level. The space above the restaurant is a three-bedroom, one-bath apartment. A detached house on the property adds two bedrooms and one bath; its siding and roof were replaced in 2020. The property was built in 1930.
The site has more than 100 parking spaces. A liquor license may be purchased separately.
The site has more than 100 parking spaces. A liquor license may be purchased separately.
Key Highlights
- Bar and restaurant renovated in 2010; equipment included
- Billiards room on the lower level
- Three‑bedroom, one‑bath apartment above the restaurant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$57,149
Cap Rate
3.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,142,980
$1.1M
Cap Rate 7%
$816,414
$816.4K
Cap Rate 9%
$634,989
$635.0K
Market Conditions
NOI Build-Up for 3,737 SF
Gross rent
$80.7K $21.60/SF
− Vacancy
−$4.5K −$1.21/SF
EGI
$76.2K $20.39/SF
− OpEx
−$19.0K −$5.10/SF
NOI
$57.1K $15.29/SF
Area
Middlesex 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 Rate 5%
$1,142,980
Cap Rate 7%
$816,414
Cap Rate 9%
$634,989
Alternative Uses
Best Use
Specialty Retail
$816.4K
$714.4K – $952.5K
NOI $57,149 @ 7.0% cap · market cap 3.57%
Second Best
Mixed Use
$461.9K
$404.2K – $538.9K
NOI $32,335 @ 7.0% cap · market cap 2.02%
Theoretical Best
Office A
$975.8K
$853.8K – $1.14M
NOI $68,306 @ 7.0% cap · market cap 4.27%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
874
Businesses Nearby
153k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 47%
Apparel 23%
Electronics 22%
Beauty & Spa 5%
ShopRite
Groceries
72,524 visits/mo
0.4 miles
Best Buy
Electronics
33,732 visits/mo
0.3 miles
Ross Dress for Less
Apparel
26,799 visits/mo
0.4 miles
DSW Designer Shoe Warehouse
Apparel
8,140 visits/mo
0.3 miles
Santander Bank
Shops & Services
2,849 visits/mo
0.3 miles
Demographics for 08882, NJ
16,118
Population
5,789
Households
2.8
Avg Household Size
39
Median Age
31%
College-Educated
86%
High-School Grad
2.8 sq mi
ZIP Area
5,756
Density / Sq Mi
$101,853
Median Household Income
$51,323
Median Earnings
$1,599
Median Rent
$382,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Mixed-use properties in Middlesex County, NJ
Properties on Market for Mixed-use properties in Middlesex County
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated restaurant space includes equipment, two residences, and extensive on-site parking.
Where is this mixed-use property located?
The property is located at 183 Prospect Street South River, NJ.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: Bar and restaurant renovated in 2010; equipment included; Billiards room on the lower level; Three‑bedroom, one‑bath apartment above the restaurant
