Neighborhood Retail with Barber
For Sale
$475,000
289 16Th Ave, Newark, NJ 07103
Two retail spaces, previously a barber shop, for sale.
Property Size1,063 SF
Price / SF$446.85
Days on Market201
Property Features for 289 16Th Ave
General Information
Standard status
Active
Size
1,063 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$5,350
Amenities
Flat Roof
Building Details
Year Built
2020
Listing Agency:
WEICHERT REALTORS
(973) 994-4884
Listed By:
GLADYS GABRIEL · License #290596
(973) 731-6064
Source:
Corcoran
Added: Apr 1
Changed: Oct 16
Last Checked: Oct 16 at 8:52AM
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 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.
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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Property Analytics
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Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
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.
