Building Details

Year Built 1920

Listing Agency: WEICHERT REALTORS

Listed By: LASANDA SHEPPY Show Phone

Source: Luminancerealty

Added: Mar 5 Changed: Oct 2 Last Checked: Oct 5 at 9:35PM

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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 WEICHERT REALTORS

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Investment Insights

Based on property information with market context.

This property features three retail stores with rental potential, along with a building suitable for conversion into mixed-use spaces or apartments. The property offers flexibility for various development options. The building has a total size of 5100 square feet.

Key Highlights

• Three existing retail stores provide immediate rental income.
• Building suitable for mixed‑use development, apartments, or other concepts.
• Excellent rental potential.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$77,883

Cap Rate

7.80%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,557,660 $1.6M

Cap Rate 7%

$1,112,614 $1.1M

Cap Rate 9%

$865,367 $865.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,100 SF

Gross rent

$122.4K $24.00/SF

− Vacancy

−$11.1K −$2.18/SF

EGI

$111.3K $21.82/SF

− OpEx

−$33.4K −$6.54/SF

NOI

$77.9K $15.27/SF

Area

ZIP 07104

Vacancy

9.10%

Lease Rate

$24.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,557,660

Cap Rate 7%

$1,112,614

Cap Rate 9%

$865,367

Alternative Uses

Best Use

Retail

$1.11M

$973.5K – $1.30M (±1% cap)

NOI $77,883 @ 7.0% cap · market cap 7.80%

Second Best

Mixed Use

$1.11M

$968.2K – $1.29M (±1% cap)

NOI $77,456 @ 7.0% cap · market cap 7.76%

Theoretical Best

Office A

$1.61M

$1.41M – $1.88M (±1% cap)

NOI $112,924 @ 7.0% cap · market cap 11.32%

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

Bloomfield Deli Grocery & Convenience Store LibertyX Bitcoin ATM Atm 188nutrition Pharmacy

Suggested Use

Top Pick Real Estate Agency Skin Care Clinic Acupuncture Veterinary Clinic (Bike/Boat/Book/etc) Store Pet Grooming Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,780

Businesses Nearby

82k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Dining 41% Shops & Services 41% Groceries 14% Electronics 5%

Dunkin' Donuts Dining

13,919 visits/mo 0.5 miles

Food Fair Fresh Market Groceries

11,554 visits/mo 0.4 miles

BP Shops & Services

10,746 visits/mo 0.4 miles

KFC Dining

10,075 visits/mo 0.4 miles

Dunkin' Donuts Dining

9,393 visits/mo 0.5 miles

Demographics for 07104, NJ

54,051

Population

21,762

Households

2.5

Avg Household Size

35

Median Age

21%

College-Educated

71%

High-School Grad

2.5 sq mi

ZIP Area

21,620

Density / Sq Mi

$51,199

Median Household Income

$36,139

Median Earnings

$1,343

Median Rent

$337,400

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Frequently Asked Questions

What type of property is this?

Storefront property - Mixed-use property featuring retail stores and development potential.

Where is this storefront property located?

The property is located at 188 Bloomfield Ave Newark, NJ.

What is the asking price?

The asking price for this property is $998,000.

What are key features of this property?

This property features: Three existing retail stores provide immediate rental income.; Building suitable for mixed‑use development, apartments, or other concepts.; Excellent rental potential.