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    Mixed-Use Property in Downtown Montclair Title is generated by Realmo AI

    220 Bloomfield Ave, Montclair, NJ 07042

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    Claim this Listing
    For Sale
    $899,900

    Mixed-use property with retail space and apartments in prime location.

    Type:Commercial
    Property size:
    3,572 SF
    Price / SF:
    $251/SF
    Added:
    Apr 4, 2026
    Days on Market:
    58
    Last Refresh:
    Apr 4 at 8:10 pm

    Property Features for 220 Bloomfield Ave

    General Information

    Standard status
    Active
    Size
    3,572 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1945

    We can help!

    Listing Contact
    JIE CHAN CHEN

    Listing agent JIE CHAN CHEN

    Listing office WEICHERT RLTRS RDG

    Listing date Apr 4, 2026

    Source Corcoran

    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 RLTRS RDG

    HighLights

    • Prime downtown Montclair location with high foot traffic, close to shops, restaurants, and public transit.
    • Significant income potential: Retail space estimated at $45/SF, plus $3,333/month from existing apartments.
    • Mixed‑use property offering retail space and two residential apartments.
    • Vacant 2,500 SF retail space with full basement, ready for immediate occupancy and flexible use (retail, restaurant, service).
    • Two one‑bedroom apartments currently leased through February 2027, providing stable income.
    • Suitable for investors or owner‑occupiers seeking income and long‑term growth.

    Overview

    This mixed-use property is located in downtown Montclair. The first floor offers approximately 2,500 square feet of retail space with a full basement and one bathroom, providing direct access to the backyard. The retail space is delivered vacant, offering flexibility for retail, restaurant, or service use. Market comparables along Bloomfield Avenue indicate a potential rental income of approximately $45 per square foot. The second floor features two one-bedroom, one-bath apartments, currently leased and generating $3,333 per month in rental income through February 2027. The property is situated in a high-traffic location, close to shops, restaurants, and public transit. The property size is 3,572 square feet. This property is suitable for an investor or an owner looking for a versatile space with both income and long-term growth potential.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $107.2k $30.00
    − Vacancy −$7.3k −$2.04
    EGI $99.9k $27.96
    − OpEx −$44.9k −$12.58
    NOI $54.9k $15.38
    3,572 SF · lease $30.00/SF/yr · vacancy 6.80% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $784.7K
    $686.6K – $915.5K (±1% cap)
    NOI $54,930 @ 7.0% cap · market cap 6.10%
    Second Best
    Retail
    $728.3K
    $637.3K – $849.7K (±1% cap)
    NOI $50,984 @ 7.0% cap · market cap 5.67%
    Theoretical Best
    Office A
    $932.7K
    $816.1K – $1.09M (±1% cap)
    NOI $65,290 @ 7.0% cap · market cap 7.26%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    On Cue Costumes (Bike/Boat/Book/etc) Store Aroma Massage Spa ... Alternative Medicine Practice Connie's Vintage Trunk (Bike/Boat/Book/etc) Store New Aroma Therapy ... Alternative Medicine Practice Aroma Spa | Massage ... Alternative Medicine Practice

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Accounting Firm Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Montclair
    County
    Essex
    State
    New Jersey
    Longitude
    -74.2125562
    Latitude
    40.8094444

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with retail space and apartments in prime location.
    Where is this mixed-use property located?
    The property is located at 220 Bloomfield Ave Montclair, NJ.
    What is the asking price?
    The asking price for this property is $899,900.
    What are key features of this property?
    This property features: Prime downtown Montclair location with high foot traffic, close to shops, restaurants, and public transit.; Significant income potential: Retail space estimated at $45/SF, plus $3,333/month from existing apartments.; Mixed‑use property offering retail space and two residential apartments.
    (201) 445-9500
    We can help!
    Listing Contact
    JIE CHAN CHEN
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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