Mixed-Use Property on Park
For Sale
$650,000
294 Park Ave, Newark, NJ 07107
Mixed-use property with restaurant and apartment near Park Avenue.
Property Size2,139 SF
Price / SF$303.88
Days on Market195
Property Features for 294 Park Ave
General Information
Standard status
Active
Size
2,139 SF
Property subtype
Commercial
Site & Location
Neighborhood
Lower Roseville
Taxes and HOA fees
Annual Taxes
$10,853
Amenities
Central air
2 Units Cooling
2 Units Heating
Central Air Cooling
Flat Roof
Forced Hot Air Heating
Level Lot
On-Street Parking
Building Details
Year Built
2001
Listing Agency:
WEICHERT REALTORS - HOME CITY
(201) 293-6333
Listed By:
AUGUSTO VERISSIMO · License #233455
(973) 420-5317
Source:
Corcoran
Added: Apr 13
Changed: Oct 23
Last Checked: Oct 23 at 4:27AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,468
Cap Rate
5.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$669,360
$669.4K
Cap Rate 7%
$478,114
$478.1K
Cap Rate 9%
$371,867
$371.9K
Market Conditions
NOI Build-Up for 2,139 SF
Gross rent
$48.8K $22.80/SF
− Vacancy
−$4.1K −$1.94/SF
EGI
$44.6K $20.86/SF
− OpEx
−$11.2K −$5.22/SF
NOI
$33.5K $15.65/SF
Area
ZIP 07107
Vacancy
8.50%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$669,360
Cap Rate 7%
$478,114
Cap Rate 9%
$371,867
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 authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,261
Businesses Nearby
52k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 46%
Shops & Services 32%
Groceries 22%
Dunkin' Donuts
Dining
13,919 visits/mo
0.1 miles
Universal Food Markets
Groceries
11,385 visits/mo
0.1 miles
KFC
Dining
10,075 visits/mo
0.1 miles
Speedway
Shops & Services
8,747 visits/mo
0.2 miles
Sunoco
Shops & Services
6,076 visits/mo
0.1 miles
Demographics for 07107, NJ
41,627
Population
16,084
Households
2.6
Avg Household Size
33
Median Age
13%
College-Educated
77%
High-School Grad
1.6 sq mi
ZIP Area
26,017
Density / Sq Mi
$49,892
Median Household Income
$35,700
Median Earnings
$1,259
Median Rent
$353,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
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.
