Two-Suite Retail
For Sale
$475,000
289 16th Ave #2, Newark, NJ 07103
Masonry construction and retained barber-shop improvements define two separately metered commercial spaces.
Property Size1,063 SF
Price / SF$446.85
Days on Market206
Property Features for 289 16th Ave #2
General Information
Standard status
Active
Size
1,063 SF
Property subtype
Commercial
Zoning
2
Additional Details
Utilities to Site
Yes
Building Details
Building Size
1,063 SF
Year Built
2020
Stories
2
Units
2
Construction
Masonry
Listing Agency:
Weichert Realtors
(973) 994-4884
Listed By:
Gladys Gabriel · License #290596
(973) 731-6064
Source:
Cammarotarealestate
Added: Apr 1
Changed: Oct 22
Last Checked: Oct 22 at 2:13PM
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
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Investment Insights
Based on property information with market context.
This 1,063-square-foot masonry retail building in Newark contains two demised commercial spaces. Both retain interior improvements from a former barber shop operation, and each has a half bath, ceiling fan ventilation, and separate electric metering. Gas service is provided through a single meter; heating consists of forced hot air in one space and a space heater in the other.
The property is offered in as-is condition with deferred maintenance. The buyer is responsible for obtaining municipal certificates required for closing and confirming that any proposed use is permitted by the city’s planning and zoning requirements. The building’s stated construction year is 2020.
The property is offered in as-is condition with deferred maintenance. The buyer is responsible for obtaining municipal certificates required for closing and confirming that any proposed use is permitted by the city’s planning and zoning requirements. The building’s stated construction year is 2020.
Key Highlights
- Two demised retail spaces in a 1,063‑square‑foot masonry building
- Each space includes a half bath, ceiling fan ventilation, and separately metered electric service
- Existing barber‑shop interior improvements remain in place
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,045
Cap Rate
3.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$340,900
$340.9K
Cap Rate 7%
$243,500
$243.5K
Cap Rate 9%
$189,389
$189.4K
Market Conditions
NOI Build-Up for 1,063 SF
Gross rent
$26.8K $25.20/SF
− Vacancy
−$2.4K −$2.29/SF
EGI
$24.3K $22.91/SF
− OpEx
−$7.3K −$6.87/SF
NOI
$17.0K $16.03/SF
Area
ZIP 07103
Vacancy
9.10%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$340,900
Cap Rate 7%
$243,500
Cap Rate 9%
$189,389
Alternative Uses
Best Use
Retail
$243.5K
$213.1K – $284.1K
NOI $17,045 @ 7.0% cap · market cap 3.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$380.2K
$332.7K – $443.6K
NOI $26,614 @ 7.0% cap · market cap 5.60%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,405
Businesses Nearby
31k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 54%
Groceries 46%
Save-A-Lot
Groceries
14,097 visits/mo
0.5 miles
BP
Shops & Services
9,073 visits/mo
0.4 miles
Conoco
Shops & Services
7,032 visits/mo
0.2 miles
Caliber Collision
Shops & Services
706 visits/mo
0.3 miles
Demographics for 07103, NJ
39,439
Population
13,832
Households
2.9
Avg Household Size
30
Median Age
21%
College-Educated
81%
High-School Grad
2.2 sq mi
ZIP Area
17,927
Density / Sq Mi
$42,397
Median Household Income
$34,278
Median Earnings
$1,289
Median Rent
$259,300
Median Home Value
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View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Retail space - Masonry construction and retained barber-shop improvements define two separately metered commercial spaces.
Where is this retail space located?
The property is located at 289 16th Ave #2 Newark, NJ.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Two demised retail spaces in a 1,063‑square‑foot masonry building; Each space includes a half bath, ceiling fan ventilation, and separately metered electric service; Existing barber‑shop interior improvements remain in place
