Multi-Tenant Retail and
For Sale
Contact for pricing
347 Sanford Avenue, Newark, NJ 07106
Single-story multi-tenant building with two retail storefronts and one occupied restaurant.
Property Size2,495 SF
Price / SF$240.48
Days on Market37
Property Features for 347 Sanford Avenue
General Information
Standard status
Active
Size
2,495 SF
Property subtype
Retail
Zoning
Retail
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$40,146
Additional Details
Cap Rate
9.6%
Building Details
Year Built
1917
Year Renovated
2021
Stories
1
Units
3
Tenancy
Multi
Listing Agency:
KW Commercial
Listed By:
Bruce Elia · License #NJ 0893523
Source:
Crexi
Added: Jul 6
Changed: Aug 8
Last Checked: Aug 10 at 1:02PM
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 KW Commercial
Investment Insights
Based on property information with market context.
347 Sanford Avenue is a fully occupied, single-story multi-tenant retail property featuring three units: two retail storefronts and one restaurant. The building was originally constructed in 1917 and renovated approximately five years ago, combining historic character with more recent updates.
The property is described as income-producing, with gross annual rental income of $63,600 and net operating income of $57,600, and the owner is responsible only for insurance.
The asset totals 2,495 square feet and is presented as stabilized with all units currently occupied by tenants.
The property is described as income-producing, with gross annual rental income of $63,600 and net operating income of $57,600, and the owner is responsible only for insurance.
The asset totals 2,495 square feet and is presented as stabilized with all units currently occupied by tenants.
Key Highlights
- Fully occupied, income‑producing retail property at 347 Sanford Avenue in Newark, NJ
- Single‑story, multi‑tenant building with 3 units: two retail storefronts and one restaurant
- Building size: 2,495 SF; renovated approximately five years ago
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
$39,678
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
6.61%
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%
$793,560
$793.6K
Cap Rate 7%
$566,829
$566.8K
Cap Rate 9%
$440,867
$440.9K
Market Conditions
NOI Build-Up for 2,495 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
$56.9K $22.80/SF
− Vacancy
−$4.0K −$1.60/SF
EGI
$52.9K $21.20/SF
− OpEx
−$13.2K −$5.30/SF
NOI
$39.7K $15.90/SF
Area
ZIP 07106
Vacancy
7.00%
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%
$793,560
Cap Rate 7%
$566,829
Cap Rate 9%
$440,867
Alternative Uses
Best Use
Specialty Retail
$566.8K
$496.0K – $661.3K
NOI $39,678 @ 7.0% cap · market cap 6.61%
Second Best
Retail
$482.3K
$422.0K – $562.7K
NOI $33,763 @ 7.0% cap · market cap 5.63%
Theoretical Best
Office A
$976.0K
$854.0K – $1.14M
NOI $68,323 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,350
Businesses Nearby
66k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 52%
Shops & Services 45%
Electronics 3%
White Castle
Dining
13,754 visits/mo
0.2 miles
Popeyes Louisiana Kitchen
Dining
12,736 visits/mo
0.2 miles
Dollar Tree
Shops & Services
10,082 visits/mo
0.3 miles
Dunkin' Donuts
Dining
7,822 visits/mo
0.3 miles
Family Dollar
Shops & Services
7,573 visits/mo
0.3 miles
Demographics for 07106, NJ
34,596
Population
13,633
Households
2.5
Avg Household Size
35
Median Age
18%
College-Educated
85%
High-School Grad
1.4 sq mi
ZIP Area
24,711
Density / Sq Mi
$48,105
Median Household Income
$34,820
Median Earnings
$1,221
Median Rent
$321,400
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?
Storefront property - Single-story multi-tenant building with two retail storefronts and one occupied restaurant.
Where is this storefront property located?
The property is located at 347 Sanford Avenue Newark, NJ.
What is the asking price?
The asking price for this property is $599,999.
What are key features of this property?
This property features: Fully occupied, income‑producing retail property at 347 Sanford Avenue in Newark, NJ; Single‑story, multi‑tenant building with 3 units: two retail storefronts and one restaurant; Building size: 2,495 SF; renovated approximately five years ago
