Mixed-Use Property in Downtown
For Sale
$899,900
220 Bloomfield Ave, Montclair, NJ 07042
Mixed-use property with retail space and apartments in prime location.
Property Size3,572 SF
Price / SF$251.93
Days on Market144
Property Features for 220 Bloomfield Ave
General Information
Standard status
Active
Size
3,572 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$19,250
Amenities
Central air
Flat Roof
Radiant - Hot Water Heating
Wall A/C Unit(s) Cooling
Building Details
Year Built
1945
Listing Agency:
WEICHERT RLTRS RDG
(201) 445-9500
Listed By:
JIE CHAN CHEN
Source:
Corcoran
Added: Apr 4
Changed: Aug 24
Last Checked: Aug 24 at 8:02AM
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 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.
Key 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.
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
$50,984
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
5.67%
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%
$1,019,680
$1.0M
Cap Rate 7%
$728,343
$728.3K
Cap Rate 9%
$566,489
$566.5K
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
$77.2K $21.60/SF
− Vacancy
−$4.3K −$1.21/SF
EGI
$72.8K $20.39/SF
− OpEx
−$21.9K −$6.12/SF
NOI
$51.0K $14.27/SF
Area
Essex County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$1,019,680
Cap Rate 7%
$728,343
Cap Rate 9%
$566,489
Alternative Uses
Best Use
Retail
$728.3K
$637.3K – $849.7K
NOI $50,984 @ 7.0% cap · market cap 5.67%
Second Best
Mixed Use
$704.2K
$616.2K – $821.6K
NOI $49,294 @ 7.0% cap · market cap 5.48%
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
Property Profile
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
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
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.
