Two-Story Mixed-Use
For Sale
$1,200,000
2376 Mountain Ave, Scotch Plains, NJ 07076
Includes two three-bedroom apartments, basement storage, and attic space.
Property Size5,000 SF
Price / SF$240
Days on Market61
Property Features for 2376 Mountain Ave
General Information
Standard status
Active
Size
5,000 SF
Additional Details
Public Transit
Yes
Building Details
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
KELLER WILLIAMS REALTY
(917) 287-2672
Listed By:
PETER CORBET THOMAS · License #1755278
Source:
Goldstandardrealty
Added: Jul 2
Changed: Aug 29
Last Checked: Aug 30 at 9:00PM
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 REALTY
Investment Insights
Based on property information with market context.
Located at 2376 Mountain Ave in Scotch Plains Twp., this two-story mixed-use property combines residential units with additional interior space. The building includes two 3 bed, 1 bath apartments, along with basement storage and attic space.
Separate private entrances at the front and rear support distinct access patterns, while the interior offers multiple rooms for flexible configuration. The property is identified as somewhat bikeable, car-dependent, and served by some transit, with a bikeScore of 34, walkScore of 29, and transitScore of 35.
Separate private entrances at the front and rear support distinct access patterns, while the interior offers multiple rooms for flexible configuration. The property is identified as somewhat bikeable, car-dependent, and served by some transit, with a bikeScore of 34, walkScore of 29, and transitScore of 35.
Key Highlights
- Two 3 bed, 1 bath apartments
- Two‑story mixed‑use building at 2376 Mountain Ave
- Basement storage included
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
$83,681
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
6.97%
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%
$1,673,620
$1.7M
Cap Rate 7%
$1,195,443
$1.2M
Cap Rate 9%
$929,789
$929.8K
Market Conditions
NOI Build-Up for 5,000 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
$127.8K $25.56/SF
− Vacancy
−$8.3K −$1.65/SF
EGI
$119.5K $23.91/SF
− OpEx
−$35.9K −$7.17/SF
NOI
$83.7K $16.74/SF
Area
Union County, NJ
Vacancy
6.46%
Lease Rate
$25.56 /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%
$1,673,620
Cap Rate 7%
$1,195,443
Cap Rate 9%
$929,789
Alternative Uses
Best Use
Multifamily LT 5
$1.20M
$1.05M – $1.39M
NOI $83,681 @ 7.0% cap · market cap 6.97%
Second Best
Apartment 5plus
$1.10M
$961.1K – $1.28M
NOI $76,890 @ 7.0% cap · market cap 6.41%
Theoretical Best
Office A
$1.31M
$1.14M – $1.52M
NOI $91,392 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
303
Businesses Nearby
Explore this area
Business Placement
Demographics for 07076, NJ
24,871
Population
9,037
Households
2.8
Avg Household Size
41
Median Age
65%
College-Educated
97%
High-School Grad
9.0 sq mi
ZIP Area
2,763
Density / Sq Mi
$173,564
Median Household Income
$86,300
Median Earnings
$1,816
Median Rent
$696,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Includes two three-bedroom apartments, basement storage, and attic space.
Where is this mixed-use property located?
The property is located at 2376 Mountain Ave Scotch Plains, NJ.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Two 3 bed, 1 bath apartments; Two‑story mixed‑use building at 2376 Mountain Ave; Basement storage included
