Mixed-Use Building with Retail
New
For Sale
$899,900
220 Bloomfield Ave, Montclair, NJ 07042
Two leased apartments complement a flexible first-floor commercial space with basement access and loading functionality.
Property Size3,572 SF
Price / SF$251.93
Days on Market2
Property Features for 220 Bloomfield Ave
General Information
Standard status
Active
Size
3,572 SF
Building Details
Year Built
1945
Listing Agency:
WEICHERT RLTRS RDG
Listed By:
JIE CHAN CHEN
(201) 445-9500
Source:
Luminancerealty
Added: Sep 14
Last Checked: Sep 14 at 2:47PM
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
Investment Insights
Based on property information with market context.
This mixed-use building, constructed in 1945, combines a first-floor commercial component with two residential apartments. The retail area contains approximately 2,500 SF, a full basement, one bathroom, and access to the backyard. A dedicated loading area connects directly to the basement, supporting storage and receiving needs. The commercial space is currently occupied on a month-to-month arrangement and may remain leased or be delivered vacant, subject to the stated terms.
The second floor includes two one-bedroom, one-bath apartments, each leased through the end of February 2027. The property is located at 220 Bloomfield Ave in Montclair, near shops, restaurants, and public transit. The property information cites a cap rate of 7% or higher and identifies additional income potential from basement storage.
The second floor includes two one-bedroom, one-bath apartments, each leased through the end of February 2027. The property is located at 220 Bloomfield Ave in Montclair, near shops, restaurants, and public transit. The property information cites a cap rate of 7% or higher and identifies additional income potential from basement storage.
Key Highlights
- Approximately 2,500 SF of first‑floor retail space
- Full basement with direct access from a dedicated loading area
- Two one‑bedroom, one‑bath apartments leased through February 2027
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
$54,930
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
6.10%
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%
$1,098,600
$1.1M
Cap Rate 7%
$784,714
$784.7K
Cap Rate 9%
$610,333
$610.3K
Market Conditions
NOI Build-Up for 3,572 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
$107.2K $30.00/SF
− Vacancy
−$7.3K −$2.04/SF
EGI
$99.9K $27.96/SF
− OpEx
−$44.9K −$12.58/SF
NOI
$54.9K $15.38/SF
Area
Essex 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%
$1,098,600
Cap Rate 7%
$784,714
Cap Rate 9%
$610,333
Alternative Uses
Best Use
Apartment 5plus
$784.7K
$686.6K – $915.5K
NOI $54,930 @ 7.0% cap · market cap 6.10%
Second Best
Retail
$728.3K
$637.3K – $849.7K
NOI $50,984 @ 7.0% cap · market cap 5.67%
Theoretical Best
Office A
$932.7K
$816.1K – $1.09M
NOI $65,290 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,710
Businesses Nearby
61k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 45%
Dining 42%
Beauty & Spa 10%
Electronics 3%
Panera Bread
Dining
15,723 visits/mo
0.3 miles
Smashburger
Dining
8,925 visits/mo
0.4 miles
TD Bank
Shops & Services
8,336 visits/mo
0.1 miles
PNC Bank
Shops & Services
6,232 visits/mo
0.4 miles
Pigtails & Crewcuts
Beauty & Spa
5,570 visits/mo
0.5 miles
Demographics for 07042, NJ
27,384
Population
11,682
Households
2.3
Avg Household Size
39
Median Age
67%
College-Educated
96%
High-School Grad
3.8 sq mi
ZIP Area
7,206
Density / Sq Mi
$127,083
Median Household Income
$75,856
Median Earnings
$2,017
Median Rent
$733,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two leased apartments complement a flexible first-floor commercial space with basement access and loading functionality.
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: Approximately 2,500 SF of first‑floor retail space; Full basement with direct access from a dedicated loading area; Two one‑bedroom, one‑bath apartments leased through February 2027
