Neighborhood Retail with Barber
289 16Th Ave Newark, NJ 07103
289 16Th Ave, Newark, NJ, 07103
$475,000
For Sale
$475,000
Two retail spaces, previously a barber shop, for sale.
Property Size1,063 SF
Price / SF$446.85
Days on Market109
Property Features for 289 16Th Ave
General Information
- Standard status
- Active
- Size
- 1,063 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 2020
Listing Agency
WEICHERT REALTORS
(973) 994-4884
Listed by
GLADYS GABRIEL · License #290596
Source
Corcoran
Added: Apr 1 Checked: Jul 17 at 3:43 am
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
Investment Insights
Based on property information with market context.
This masonry-constructed neighborhood retail property features two demised commercial leaseholds, suitable for owner/users. The entire premises was previously used as a barber shop, and the existing buildout remains intact. Each space includes one half bath, ceiling fan ventilation, and separately metered electric service. Gas service is supplied by one meter, and the pre-existing heating system includes forced hot air and a space heater. The building size is approximately 1063 square feet. The property is sold strictly As-Is with deferred maintenance. The buyer is solely responsible for obtaining all municipal certifications required for closing purposes and for confirming the proposed property use as permitted by the City of Newark Planning/Zoning.
Key Highlights
- Masonry construction for durability.
- Two separate commercial leaseholds, ideal for owner/users.
- Previously operated as a barber shop; existing buildout remains.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $26.8k | $25.20 |
| − Vacancy | −$2.4k | −$2.29 |
| EGI | $24.3k | $22.91 |
| − OpEx | −$7.3k | −$6.87 |
| NOI | $17.0k | $16.03 |
1,063 SF · lease $25.20/SF/yr · vacancy 9.10% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Carnell Barber Shop
Barber Shop
Similar For Sale Nearby
FAQs
What type of property is this?
Retail space - Two retail spaces, previously a barber shop, for sale.
Where is this retail space located?
The property is located at 289 16Th Ave 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: Masonry construction for durability.; Two separate commercial leaseholds, ideal for owner/users.; Previously operated as a barber shop; existing buildout remains.
