Established Auto Repair Shop For
For Sale
$749,000
28 -30 Passaic St, Trenton, NJ 08618
Turnkey auto repair shop with five service bays for sale.
Property Size4,120 SF
Lot Size0.23 Acres
Price / SF$181.80
Days on Market245
Property Features for 28 -30 Passaic St
General Information
Standard status
Active
Size
4,120 SF
Lot size
0.23 Acres
Property subtype
Commercial
Building Details
Year Built
1950
Listing Agency:
WEICHERT REALTORS-PRINCETON JUNCTION
(609) 799-3500
Listed By:
KARLA ROMAN · License #2335870
(347) 301-2200
Source:
Corcoran
Added: Jan 1
Changed: Jul 6
Last Checked: Sep 1 at 8:08PM
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 REALTORS-PRINCETON JUNCTION
Investment Insights
Based on property information with market context.
This well-established auto repair shop is a longstanding location with a strong community presence. The property features a 4,120 square foot solid brick building with 5 service bays, equipped with 3 operating vehicle lifts and oil/water drains. It also includes a private office. Situated on a 100 x 100 lot, the property provides ample space for parking and maneuvering. It is strategically located near public transportation options, including a bus stop less than a mile away and a metro station within three miles. The property is located in an Urban Enterprise Zone.
Key Highlights
- Turnkey auto repair shop ready for immediate operation.
- Solid brick building offering 4,120 SF with 5 service bays and 3 operating vehicle lifts.
- Longstanding location with a strong community presence.
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
$61,611
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
8.23%
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%
$1,232,220
$1.2M
Cap Rate 7%
$880,157
$880.2K
Cap Rate 9%
$684,567
$684.6K
Market Conditions
NOI Build-Up for 4,120 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
$92.5K $22.44/SF
− Vacancy
−$4.4K −$1.08/SF
EGI
$88.0K $21.36/SF
− OpEx
−$26.4K −$6.41/SF
NOI
$61.6K $14.95/SF
Area
Mercer County, NJ
Vacancy
4.80%
Lease Rate
$22.44 /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%
$1,232,220
Cap Rate 7%
$880,157
Cap Rate 9%
$684,567
Alternative Uses
Best Use
Industrial
$1.10M
$963.5K – $1.28M
NOI $77,079 @ 7.0% cap · market cap 10.29%
Second Best
Retail
$880.2K
$770.1K – $1.03M
NOI $61,611 @ 7.0% cap · market cap 8.23%
Theoretical Best
Warehouse
$1.33M
$1.16M – $1.55M
NOI $92,789 @ 7.0% cap · market cap 12.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,293
Businesses Nearby
7k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Phillips 66
Shops & Services
5,035 visits/mo
0.3 miles
U-Haul
Shops & Services
2,283 visits/mo
0.1 miles
Demographics for 08618, NJ
37,544
Population
15,284
Households
2.5
Avg Household Size
34
Median Age
24%
College-Educated
86%
High-School Grad
5.9 sq mi
ZIP Area
6,363
Density / Sq Mi
$48,179
Median Household Income
$33,040
Median Earnings
$1,117
Median Rent
$211,800
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Trenton Mobile Truck Repair — 457 s broad st, trenton, nj 08611
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- Luigis auto services — 304 E Canal St, Trenton, NJ 08609
- A&A auto repair — 304 E Canal St, Trenton, NJ 08609
Frequently Asked Questions
What type of property is this?
Auto shop - Turnkey auto repair shop with five service bays for sale.
Where is this auto shop located?
The property is located at 28 -30 Passaic St Trenton, NJ.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Turnkey auto repair shop ready for immediate operation.; Solid brick building offering 4,120 SF with 5 service bays and 3 operating vehicle lifts.; Longstanding location with a strong community presence.
