Mixed-Use Building with
2 E Passaic Ave, Nutley, NJ 07110
For Sale
$2,095,000
Mixed-use property featuring a restaurant/bar and four residential apartments.
Property Size7,000 SF
Price / SF$299.29
Days on Market249
Property Features for 2 E Passaic Ave
General Information
Standard status
Size
Property subtype
Taxes and HOA fees
Annual Taxes
Amenities
Central air
2 Units Cooling
2 Units Heating
Baseboard - Hotwater Heating
Blacktop Driveway
Central Air Cooling
Corner
Flat Roof
Level Lot
Lighting
Parking Lot-Exclusive
Radiators - Steam Heating
Building Details
Year Built
Listing Agency:
KELLER WILLIAMS SUBURBAN REALTY
(973) 251-0100
Listed By:
FRANK CONTURSO · License #1003909
(201) 213-0952
Source:
Corcoran
Added: Mar 6
Changed: Aug 8
Last Checked: Aug 25 at 8:01AM
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 SUBURBAN REALTY
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This mixed-use building features a restaurant and bar business with four residential apartments. The restaurant and bar, established nearly a century ago, has a total patron capacity of 186, including 75 in the dining room. It features an extensive craft beer list with 30 taps, an outdoor patio, live entertainment, catering, private parties, a regulation shuffleboard table, and 22 large screen TVs. The kitchen and restaurant were renovated in 2015. The AC systems were updated in 2022, and the boiler was replaced in 2020. The residential apartments are well-maintained and fully occupied. The property size is 7000 square feet.
Key Highlights
- Thriving, iconic restaurant/bar business (The Old Canal Inn) established nearly a century ago with a strong customer base and total patron capacity of 186.
- Includes 4 fully occupied, well‑maintained residential apartments, providing immediate rental income.
- Turn‑key, profitable operation with strong potential for added growth.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$107,050
Cap Rate
5.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,141,000
$2.1M
Cap Rate 7%
$1,529,286
$1.5M
Cap Rate 9%
$1,189,444
$1.2M
Market Conditions
NOI Build-Up for 7,000 SF
Gross rent
$151.2K $21.60/SF
− Vacancy
−$8.5K −$1.21/SF
EGI
$142.7K $20.39/SF
− OpEx
−$35.7K −$5.10/SF
NOI
$107.0K $15.29/SF
Area
Essex 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%
$2,141,000
Cap Rate 7%
$1,529,286
Cap Rate 9%
$1,189,444
Alternative Uses
Best Use
Specialty Retail
$1.53M
$1.34M – $1.78M
NOI $107,050 @ 7.0% cap · market cap 5.11%
Second Best
Mixed Use
$1.38M
$1.21M – $1.61M
NOI $96,600 @ 7.0% cap · market cap 4.61%
Theoretical Best
Office A
$1.83M
$1.60M – $2.13M
NOI $127,949 @ 7.0% cap · market cap 6.11%
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
703
Businesses Nearby
Explore this area
Business Placement
Demographics for 07110, NJ
30,149
Population
11,981
Households
2.5
Avg Household Size
41
Median Age
50%
College-Educated
94%
High-School Grad
3.4 sq mi
ZIP Area
8,867
Density / Sq Mi
$115,215
Median Household Income
$67,621
Median Earnings
$1,698
Median Rent
$489,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Mixed-use properties in Essex County, NJ
Properties on Market for Mixed-use properties in Essex County
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property featuring a restaurant/bar and four residential apartments.
Where is this mixed-use property located?
The property is located at 2 E Passaic Ave Nutley, NJ.
What is the asking price?
The asking price for this property is $2,095,000.
What are key features of this property?
This property features: Thriving, iconic restaurant/bar business (The Old Canal Inn) established nearly a century ago with a strong customer base and total patron capacity of 186.; Includes 4 fully occupied, well‑maintained residential apartments, providing immediate rental income.; Turn‑key, profitable operation with strong potential for added growth.
