Mixed-Use Property with
For Sale
$349,900
357 16th Ave #00, Irvington, NJ 07111
Two-level configuration includes an updated apartment, street-level commercial space, basement storage, and separate utilities.
Property Size2,300 SF
Days on Market174
Property Features for 357 16th Ave #00
General Information
Standard status
Active
Size
2,300 SF
Property subtype
Commercial
Zoning
Mixed Use
Units
Unit Mix
1 x 3BR
Multifamily Units
1
Building Details
Building Size
2,300 SF
Year Built
1915
Stories
2
Units
2
Listing Agency:
Keller Williams - Nj Metro Group
(973) 783-7400
Listed By:
James Hughes · License #267175
(973) 783-7400
Source:
Betterhomerealestate
Added: Mar 10
Changed: Aug 29
Last Checked: Aug 30 at 5:43PM
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 Keller Williams - Nj Metro Group
Investment Insights
Based on property information with market context.
Built in 1915, this mixed-use property combines a second-floor three-bedroom apartment with updated finishes and an open street-level space formerly used for commercial purposes. The lower level includes basement storage, while separate utilities support distinct occupancy arrangements.
The property is located at 357 16th Ave in Irvington, just off Grove Street, with access to major transportation routes and neighborhood amenities. The lower level may be eligible for residential conversion with the addition of garage parking, subject to Township of Irvington review, buyer due diligence, and required approvals. Any future layout changes, vertical expansion, or increased residential density also require verification and approvals from the township.
The property is located at 357 16th Ave in Irvington, just off Grove Street, with access to major transportation routes and neighborhood amenities. The lower level may be eligible for residential conversion with the addition of garage parking, subject to Township of Irvington review, buyer due diligence, and required approvals. Any future layout changes, vertical expansion, or increased residential density also require verification and approvals from the township.
Key Highlights
- Second‑floor three‑bedroom apartment with updated finishes
- Street‑level open space formerly used for commercial purposes
- Basement storage included in the lower‑level layout
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
$31,740
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
9.07%
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%
$634,800
$634.8K
Cap Rate 7%
$453,429
$453.4K
Cap Rate 9%
$352,667
$352.7K
Market Conditions
NOI Build-Up for 2,300 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
$55.2K $24.00/SF
− Vacancy
−$4.4K −$1.92/SF
EGI
$50.8K $22.08/SF
− OpEx
−$19.0K −$8.28/SF
NOI
$31.7K $13.80/SF
Area
Essex County, NJ
Vacancy
8.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$634,800
Cap Rate 7%
$453,429
Cap Rate 9%
$352,667
Alternative Uses
Best Use
Office B
$502.7K
$439.9K – $586.5K
NOI $35,190 @ 7.0% cap · market cap 10.06%
Second Best
Mixed Use
$453.4K
$396.8K – $529.0K
NOI $31,740 @ 7.0% cap · market cap 9.07%
Theoretical Best
Office A
$600.6K
$525.5K – $700.7K
NOI $42,040 @ 7.0% cap · market cap 12.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,215
Businesses Nearby
Explore this area
Business Placement
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level configuration includes an updated apartment, street-level commercial space, basement storage, and separate utilities.
Where is this mixed-use property located?
The property is located at 357 16th Ave #00 Irvington, NJ.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Second‑floor three‑bedroom apartment with updated finishes; Street‑level open space formerly used for commercial purposes; Basement storage included in the lower‑level layout
