Mixed-Use Property on Park
For Sale
$650,000
294 PARK AVE Unit 0, Newark, NJ 07107
Mixed-use property with restaurant and apartment near Park Avenue.
Property Size2,139 SF
Price / SF$303.88
Days on Market144
Property Features for 294 PARK AVE Unit 0
General Information
Standard status
Active
Size
2,139 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$10,853
Amenities
Central Air
3
Tile, Wood
Flat
4A
Parking.
On Street.
Level
20.3X105.3, 20.3X105.3
Storage Area. Level.
Building Details
Year Built
2001
Listing Agency:
WEICHERT REALTORS - HOME CITY
(201) 293-6333
Listed By:
AUGUSTO VERISSIMO · License #9591085
Source:
Xome
Added: Apr 2
Changed: Aug 23
Last Checked: Aug 23 at 5:49AM
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.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$33,468
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.15%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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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 Unit 0 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.
