Mixed-Use Property with
For Sale
$750,000
32 Mill Rd, Irvington, NJ 07111
Two retail units accompany a two-story, three-bedroom apartment with driveway and backyard.
Property Size3,822 SF
Price / SF$196.23
Days on Market132
Property Features for 32 Mill Rd
General Information
Standard status
Active
Size
3,822 SF
Property subtype
Commercial
Units
Unit Mix
1 x 3BR
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$8,130
Amenities
drive way
Backyard
Central air
Asphalt Shingle Roof
1 Car Width
2 Units Heating
Blacktop Driveway
Central Air Cooling
Flat Roof
Forced Hot Air Heating
On-Street Parking
Radiators - Steam Heating
Wall A/C Unit(s) Cooling
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
RE/MAX WELCOME HOME
(732) 549-9500
Listed By:
JAI LEE · License #9232533
Source:
Corcoran
Added: Apr 23
Changed: Aug 31
Last Checked: Aug 31 at 7:02PM
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 RE/MAX WELCOME HOME
Investment Insights
Based on property information with market context.
Located at 32 Mill Rd in Irvington Twp., NJ, this 3,822-square-foot mixed-use property combines two retail stores with a residential component. The apartment is two stories and includes 3 bedrooms, a driveway, and a backyard.
Built in 1900, the property offers a combination of commercial and residential space within one building. The retail and apartment components provide a varied configuration for an owner or occupant evaluating a mixed-use asset.
Built in 1900, the property offers a combination of commercial and residential space within one building. The retail and apartment components provide a varied configuration for an owner or occupant evaluating a mixed-use asset.
Key Highlights
- Two retail stores included in the mixed‑use property
- Two‑story apartment with 3 bedrooms
- Driveway and backyard accompany the residential unit
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
$58,775
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
7.84%
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%
$1,175,500
$1.2M
Cap Rate 7%
$839,643
$839.6K
Cap Rate 9%
$653,056
$653.1K
Market Conditions
NOI Build-Up for 3,822 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
$114.7K $30.00/SF
− Vacancy
−$7.8K −$2.04/SF
EGI
$106.9K $27.96/SF
− OpEx
−$48.1K −$12.58/SF
NOI
$58.8K $15.38/SF
Area
Essex County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,175,500
Cap Rate 7%
$839,643
Cap Rate 9%
$653,056
Alternative Uses
Best Use
Apartment 5plus
$839.6K
$734.7K – $979.6K
NOI $58,775 @ 7.0% cap · market cap 7.84%
Second Best
Retail
$779.3K
$681.9K – $909.2K
NOI $54,552 @ 7.0% cap · market cap 7.27%
Theoretical Best
Office A
$998.0K
$873.3K – $1.16M
NOI $69,860 @ 7.0% cap · market cap 9.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,037
Businesses Nearby
29k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 52%
Dining 48%
Dunkin' Donuts
Dining
5,887 visits/mo
0.2 miles
Popeyes Louisiana Kitchen
Dining
4,579 visits/mo
0.1 miles
BP
Shops & Services
4,301 visits/mo
0.4 miles
Family Dollar
Shops & Services
3,325 visits/mo
0.1 miles
Citizens Bank
Shops & Services
2,838 visits/mo
0.1 miles
Demographics for 07111, NJ
61,176
Population
24,176
Households
2.5
Avg Household Size
36
Median Age
22%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
21,095
Density / Sq Mi
$59,232
Median Household Income
$37,640
Median Earnings
$1,324
Median Rent
$291,500
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two retail units accompany a two-story, three-bedroom apartment with driveway and backyard.
Where is this mixed-use property located?
The property is located at 32 Mill Rd Irvington, NJ.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Two retail stores included in the mixed‑use property; Two‑story apartment with 3 bedrooms; Driveway and backyard accompany the residential unit
