Corner Grocery Store with
For Sale
$710,000
199 Washington St, Perth Amboy, NJ 08861
For sale as a package with the building and business on a corner site, plus a 3-bedroom apartment upstairs.
Property Size2,038 SF
Price / SF$348.38
Days on Market108
Property Features for 199 Washington St
General Information
Standard status
Active
Size
2,038 SF
Additional Details
Business Included
Yes
Multifamily Units
1
Listing Agency:
PETRA BEST REALTY LLC
(732) 442-1400
Listed By:
ENRIQUE HERNANDEZ
Source:
Exprealty
Added: Apr 27
Changed: Jul 10
Last Checked: Aug 11 at 12:11PM
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 PETRA BEST REALTY LLC
Investment Insights
Based on property information with market context.
This well-established grocery store is offered for sale together with the building and the business. The property includes a retail store level and an apartment above. Upstairs, the residence features three bedrooms, a living room, a large kitchen, a bath, and a finished attic, providing an additional separate living unit component to the overall offering.
Located on a corner property at 199 Washington St in Perth Amboy, the store benefits from visibility associated with its street-corner presence. The listing notes high exposure and steady foot traffic, which can be helpful for a neighborhood retail tenant or an owner-operator looking for consistent walk-in access.
For buyers interested in owner-occupancy or operating a neighborhood grocery, this configuration supports a streamlined “run the business below, live above” setup. It also offers flexibility for investors who want retail income combined with a residential unit in the same asset. The seller’s remarks emphasize the store’s established foundation and continued earning potential tied to the ongoing grocery operation and the included apartment.
Located on a corner property at 199 Washington St in Perth Amboy, the store benefits from visibility associated with its street-corner presence. The listing notes high exposure and steady foot traffic, which can be helpful for a neighborhood retail tenant or an owner-operator looking for consistent walk-in access.
For buyers interested in owner-occupancy or operating a neighborhood grocery, this configuration supports a streamlined “run the business below, live above” setup. It also offers flexibility for investors who want retail income combined with a residential unit in the same asset. The seller’s remarks emphasize the store’s established foundation and continued earning potential tied to the ongoing grocery operation and the included apartment.
Key Highlights
- For sale as a package: grocery store business plus the building
- Located on a corner property with visibility and high exposure
- Includes an upstairs 3‑bedroom apartment with living room, large kitchen, bath, and finished attic
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
$31,340
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
4.41%
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%
$626,800
$626.8K
Cap Rate 7%
$447,714
$447.7K
Cap Rate 9%
$348,222
$348.2K
Market Conditions
NOI Build-Up for 2,038 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
$61.1K $30.00/SF
− Vacancy
−$4.2K −$2.04/SF
EGI
$57.0K $27.96/SF
− OpEx
−$25.6K −$12.58/SF
NOI
$31.3K $15.38/SF
Area
Middlesex 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%
$626,800
Cap Rate 7%
$447,714
Cap Rate 9%
$348,222
Alternative Uses
Best Use
Apartment 5plus
$447.7K
$391.8K – $522.3K
NOI $31,340 @ 7.0% cap · market cap 4.41%
Second Best
Specialty Retail
$445.2K
$389.6K – $519.5K
NOI $31,167 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$532.2K
$465.6K – $620.9K
NOI $37,251 @ 7.0% cap · market cap 5.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,766
Businesses Nearby
53k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 77%
Electronics 10%
Dining 7%
Apparel 6%
PNC Bank
Shops & Services
13,747 visits/mo
0.4 miles
Chase Bank
Shops & Services
12,006 visits/mo
0.4 miles
Dollar General
Shops & Services
6,535 visits/mo
0.4 miles
BP
Shops & Services
4,582 visits/mo
0.4 miles
Dunkin' Donuts
Dining
3,797 visits/mo
0.4 miles
Demographics for 08861, NJ
58,039
Population
21,032
Households
2.8
Avg Household Size
35
Median Age
16%
College-Educated
70%
High-School Grad
5.1 sq mi
ZIP Area
11,380
Density / Sq Mi
$60,464
Median Household Income
$34,093
Median Earnings
$1,623
Median Rent
$340,900
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Brother's Supermarket — 361 Market St, Perth Amboy, NJ 08861
- Bj Abreu Supermarket — 216 New Brunswick Ave, Perth Amboy, NJ 08861
- Tropical Supermarket — 442 Smith St, Perth Amboy, NJ 08861
- Caba Grocery Inc — 147 Brighton Ave, Perth Amboy, NJ 08861
- Gonzaga Grocery — 341 Prospect St, Perth Amboy, NJ 08861
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - For sale as a package with the building and business on a corner site, plus a 3-bedroom apartment upstairs.
Where is this grocery and convenience store located?
The property is located at 199 Washington St Perth Amboy, NJ.
What is the asking price?
The asking price for this property is $710,000.
What are key features of this property?
This property features: For sale as a package: grocery store business plus the building; Located on a corner property with visibility and high exposure; Includes an upstairs 3‑bedroom apartment with living room, large kitchen, bath, and finished attic
