Mixed-Use Property with
New
For Sale
$879,000
348 prospect St, Perth Amboy, NJ 08861
Residential units sit alongside restaurant space with an existing business.
Property Size2,500 SF
Days on Market4
Property Features for 348 prospect St
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Commercial
Additional Details
Business Included
Yes
Currently Operating
Yes
Taxes and HOA fees
Annual Taxes
$10,883
Building Details
Building Size
2,500 SF
Year Built
1902
Buildings
2
Stories
2
Units
3
Listing Agency:
J.J. ELEK REALTY CO.
Listed By:
FELIX SANTANA · License #307182
(908) 510-7909
Source:
Elliman
Added: Oct 23
Changed: Oct 25
Last Checked: Oct 26 at 6:33PM
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 J.J. ELEK REALTY CO.
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Investment Insights
Based on property information with market context.
The property brings together two buildings with residential and commercial space. One is a two-family home: its first-floor apartment has two bedrooms, a living room, an eat-in kitchen, and a full bathroom; the upper apartment has three bedrooms and the same living areas and amenities. A partial basement provides storage. The other building includes restaurant space and a second-floor apartment with one bedroom, a living room, an eat-in kitchen, and a full bathroom. An existing business is associated with the restaurant space. The property dates to 1902 and has a driveway with room for two vehicles.
Key Highlights
- Two buildings combine residential units and restaurant space
- Two‑family home includes 2‑bedroom and 3‑bedroom apartments
- Second building has restaurant space with an existing business
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,445
Cap Rate
4.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$768,900
$768.9K
Cap Rate 7%
$549,214
$549.2K
Cap Rate 9%
$427,167
$427.2K
Market Conditions
NOI Build-Up for 2,500 SF
Gross rent
$75.0K $30.00/SF
− Vacancy
−$5.1K −$2.04/SF
EGI
$69.9K $27.96/SF
− OpEx
−$31.5K −$12.58/SF
NOI
$38.4K $15.38/SF
Area
Middlesex 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 Rate 5%
$768,900
Cap Rate 7%
$549,214
Cap Rate 9%
$427,167
Alternative Uses
Best Use
Apartment 5plus
$549.2K
$480.6K – $640.8K
NOI $38,445 @ 7.0% cap · market cap 4.37%
Second Best
Specialty Retail
$546.2K
$477.9K – $637.2K
NOI $38,232 @ 7.0% cap · market cap 4.35%
Theoretical Best
Office A
$652.8K
$571.2K – $761.6K
NOI $45,696 @ 7.0% cap · market cap 5.20%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,618
Businesses Nearby
Explore this area
Business Placement
Demographics for 08861, NJ
58,039
Population
21,032
Households
2.8
Avg Household Size
35
Median Age
16%
College-Educated
70%
High-School Grad
5.1 sq mi
ZIP Area
11,380
Density / Sq Mi
$60,464
Median Household Income
$34,093
Median Earnings
$1,623
Median Rent
$340,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Residential units sit alongside restaurant space with an existing business.
Where is this mixed-use property located?
The property is located at 348 prospect St Perth Amboy, NJ.
What is the asking price?
The asking price for this property is $879,000.
What are key features of this property?
This property features: Two buildings combine residential units and restaurant space; Two‑family home includes 2‑bedroom and 3‑bedroom apartments; Second building has restaurant space with an existing business
