Turnkey Restaurant and
For Sale
$700,000
246 Mulberry St, Newark, NJ 07102
Turnkey space with a full prep kitchen, dry bar, enclosed patio, and guest bathrooms for immediate restaurant use.
Property Size1,806 SF
Price / SF$387.60
Days on Market53
Property Features for 246 Mulberry St
General Information
Standard status
Active
Size
1,806 SF
Property subtype
Commercial
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$7,398
Amenities
Central air
1 Unit Cooling
1 Unit Heating
Central Air Cooling
Flat Roof
Forced Hot Air Heating
On-Street Parking
Building Details
Year Built
1950
Listing Agency:
EXP REALTY, LLC
(866) 201-6210
Listed By:
DEAN CLARK · License #0681077
Source:
Corcoran
Added: Jun 19
Changed: Aug 8
Last Checked: Aug 9 at 7:37AM
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 EXP REALTY, LLC
Investment Insights
Based on property information with market context.
This turnkey restaurant and lounge offers an efficient linear layout that moves guests from a front-of-house lounge area into a back-of-house setup, with additional outdoor enjoyment through an enclosed patio. The main lounge features marble-patterned flooring, brick feature walls, and textured masonry. A prominent dry bar anchors the room with a slatted-wood facade and glass shelving, paired with premium leather booths for an intimate setting. Two private bathrooms are also provided. Behind the scenes, the property includes a functional prep kitchen with stainless steel-lined surfaces, a multi-compartment sink, dedicated glassware shelving, and refrigeration space designed to support quick service.
Located in a redevelopment zone in Newark City, NJ, the property is positioned as a ready-to-operate hospitality option within an area intended for renewed development activity. The combination of interior lounge space and an enclosed patio supports programming beyond standard seated dining.
For operators, this configuration can support a lounge-forward restaurant concept with a real bar component, a dedicated prep kitchen, and facilities for guests. The enclosed patio adds flexibility for private gatherings or extended service without changing the core layout. The property’s turnkey nature is built around the existing front-of-house and back-of-house improvements, allowing a tenant or buyer to move toward operations with minimal rework to the described food-and-beverage workflow.
Located in a redevelopment zone in Newark City, NJ, the property is positioned as a ready-to-operate hospitality option within an area intended for renewed development activity. The combination of interior lounge space and an enclosed patio supports programming beyond standard seated dining.
For operators, this configuration can support a lounge-forward restaurant concept with a real bar component, a dedicated prep kitchen, and facilities for guests. The enclosed patio adds flexibility for private gatherings or extended service without changing the core layout. The property’s turnkey nature is built around the existing front-of-house and back-of-house improvements, allowing a tenant or buyer to move toward operations with minimal rework to the described food-and-beverage workflow.
Key Highlights
- 1,800 SF commercial property built in 1950 with a linear interior layout
- Main lounge includes a dry bar with slatted‑wood facade and glass shelving plus leather booths
- Dry bar lounge area features two private bathrooms
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
$38,880
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
5.55%
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%
$777,600
$777.6K
Cap Rate 7%
$555,429
$555.4K
Cap Rate 9%
$432,000
$432.0K
Market Conditions
NOI Build-Up for 1,806 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
$56.3K $31.20/SF
− Vacancy
−$4.5K −$2.50/SF
EGI
$51.8K $28.70/SF
− OpEx
−$13.0K −$7.18/SF
NOI
$38.9K $21.53/SF
Area
Newark, NJ
Vacancy
8.00%
Lease Rate
$31.20 /SF/Yr
Expense Ratio
25.00%
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%
$777,600
Cap Rate 7%
$555,429
Cap Rate 9%
$432,000
Alternative Uses
Best Use
Specialty Retail
$555.4K
$486.0K – $648.0K
NOI $38,880 @ 7.0% cap · market cap 5.55%
Second Best
Industrial
$265.4K
$232.2K – $309.6K
NOI $18,578 @ 7.0% cap · market cap 2.65%
Theoretical Best
Office A
$639.9K
$559.9K – $746.6K
NOI $44,793 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
6,372
Businesses Nearby
129k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 28%
Hotels & Casinos 28%
Dining 28%
Apparel 10%
DoubleTree by Hilton Newark Penn Station
Hotels & Casinos
16,051 visits/mo
0.2 miles
Starbucks
Dining
11,346 visits/mo
0.2 miles
Robert Treat Hotel
Hotels & Casinos
10,442 visits/mo
0.2 miles
TD Bank
Shops & Services
10,303 visits/mo
0.1 miles
TD Bank
Shops & Services
10,290 visits/mo
0.4 miles
Demographics for 07102, NJ
15,047
Population
6,574
Households
2.3
Avg Household Size
34
Median Age
30%
College-Educated
82%
High-School Grad
1.1 sq mi
ZIP Area
13,679
Density / Sq Mi
$37,093
Median Household Income
$42,234
Median Earnings
$1,141
Median Rent
$293,900
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?
Bar & Pub - Turnkey space with a full prep kitchen, dry bar, enclosed patio, and guest bathrooms for immediate restaurant use.
Where is this bar & pub located?
The property is located at 246 Mulberry St Newark, NJ.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 1,800 SF commercial property built in 1950 with a linear interior layout; Main lounge includes a dry bar with slatted‑wood facade and glass shelving plus leather booths; Dry bar lounge area features two private bathrooms
