Irvington Mixed-Use Investment
For Sale
$399,900
357 16th Ave, Irvington, NJ 07111
Mixed-use property with commercial storefront and residential apartment.
Property Size2,300 SF
Lot Size0.06 Acres
Price / SF$173.87
Days on Market153
Property Features for 357 16th Ave
General Information
Standard status
Active
Size
2,300 SF
Lot size
0.06 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$8,112
Amenities
Central air
1 Unit Cooling
2 Units Heating
Flat Roof
Building Details
Year Built
1915
Listing Agency:
KELLER WILLIAMS - NJ METRO GROUP
(973) 783-7400
Listed By:
JAMES HUGHES · License #267175
Source:
Corcoran
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 6:26AM
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.
This mixed-use property in Irvington presents an opportunity for owner-operators and investors. It features a street-level commercial storefront and a spacious 3-bedroom residential apartment above. The ground-floor commercial space has an open layout suitable for various neighborhood retail, office, or service-based businesses. A large basement provides storage and operational space. The second-floor apartment includes three bedrooms, updated kitchen cabinetry, modern bathroom finishes, and bright living areas. The residential unit is suitable for owner occupancy or rental income. Separate utilities serve the commercial and residential spaces. The property, totaling 2300 square feet, will be delivered vacant. Located in a densely populated neighborhood with strong demand for neighborhood services and convenient commuter access, the property is situated in the R-2 residential zone and may offer future value-add potential. Buyers may explore residential conversion or expansion of the structure, subject to township approvals and zoning requirements. Buyers are responsible for verifying permitted uses with the Township of Irvington.
Key Highlights
- Mixed‑use property with commercial storefront and 3‑bedroom apartment
- Delivered vacant, offering immediate occupancy or rental income potential
- Separate utilities for commercial and residential spaces
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
$35,369
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
8.84%
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%
$707,380
$707.4K
Cap Rate 7%
$505,271
$505.3K
Cap Rate 9%
$392,989
$393.0K
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
$69.0K $30.00/SF
− Vacancy
−$4.7K −$2.04/SF
EGI
$64.3K $27.96/SF
− OpEx
−$28.9K −$12.58/SF
NOI
$35.4K $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%
$707,380
Cap Rate 7%
$505,271
Cap Rate 9%
$392,989
Alternative Uses
Best Use
Apartment 5plus
$505.3K
$442.1K – $589.5K
NOI $35,369 @ 7.0% cap · market cap 8.84%
Second Best
Office B
$502.7K
$439.9K – $586.5K
NOI $35,190 @ 7.0% cap · market cap 8.80%
Theoretical Best
Office A
$600.6K
$525.5K – $700.7K
NOI $42,040 @ 7.0% cap · market cap 10.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with commercial storefront and residential apartment.
Where is this mixed-use property located?
The property is located at 357 16th Ave Irvington, NJ.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Mixed‑use property with commercial storefront and 3‑bedroom apartment; Delivered vacant, offering immediate occupancy or rental income potential; Separate utilities for commercial and residential spaces
