Mixed-Use Property on Park
294 Park Ave Newark, NJ 07107
294 Park Ave, Newark, NJ, 07107
$650,000
For Sale
$650,000
Mixed-use property with restaurant and apartment near Park Avenue.
Property Size2,139 SF
Price / SF$303.88
Days on Market100
Property Features for 294 Park Ave
General Information
- Standard status
- Active
- Size
- 2,139 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 2001
Listing Agency
WEICHERT REALTORS - HOME CITY
(201) 293-6333
Listed by
AUGUSTO VERISSIMO
Source
Corcoran
Added: Apr 13 Updated: Jul 10 at 3:55 pm Checked: Jul 19 at 4:27 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 - HOME CITY
Investment Insights
Based on property information with market context.
This mixed-use property presents an opportunity for investors and owner-operators. Located on a high-traffic corridor near the Park Avenue Light Rail Station and Branch Brook Park, the property offers visibility and accessibility. The property has a total size of 2139 square feet. The first floor features a fully equipped BBQ restaurant, ready for immediate operation. A basement provides additional storage and utility space. The second floor offers a well-maintained three-bedroom apartment in excellent condition, featuring hardwood floors and HVAC. The apartment is suitable for owner-occupancy or rental income. The property is positioned to generate multiple income streams in a thriving location.
Key Highlights
- High‑traffic location on Park Avenue near the Light Rail Station and Branch Brook Park.
- Mixed‑use property suitable for investors or owner‑operators.
- Fully equipped, ready‑to‑operate BBQ restaurant on the first floor.
Local Financial Insights For Specialty 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 | $48.8k | $22.80 |
| − Vacancy | −$4.1k | −$1.94 |
| EGI | $44.6k | $20.86 |
| − OpEx | −$11.2k | −$5.22 |
| NOI | $33.5k | $15.65 |
2,139 SF · lease $22.80/SF/yr · vacancy 8.50% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$478.1K
$418.4K – $557.8K
NOI $33,468 @ 7.0% cap · market cap 5.15%
Second Best
Mixed Use
$448.7K
$392.6K – $523.5K
NOI $31,411 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$836.8K
$732.2K – $976.2K
NOI $58,574 @ 7.0% cap · market cap 9.01%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Aroma & Sabor Restaurant
Restaurant
Smoke-Stock & Home KFX
(Bike/Boat/Book/etc) Store
Smoke-Stock YFD
Home Inspector
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Mixed-use property with restaurant and apartment near Park Avenue.
Where is this mixed-use property located?
The property is located at 294 Park Ave Newark, NJ.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: High‑traffic location on Park Avenue near the Light Rail Station and Branch Brook Park.; Mixed‑use property suitable for investors or owner‑operators.; Fully equipped, ready‑to‑operate BBQ restaurant on the first floor.
