Building Details

Year Built 1969

Buildings 1

Stories 2

Units 2

Tenancy Multi

Listing Agency: Proventus Properties

Listed By: Jason Forster · License #0563578

Source: Crexi

Added: Aug 5 Changed: Oct 1 Last Checked: Oct 12 at 7:36PM

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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 Proventus Properties

Investment Insights

Based on property information with market context.

This mixed-use property at 36 South Street was built in 1969 and is located within New Providence’s Central Commercial District. The district is designed for a traditional Main Street environment with mixed-use, retail, restaurant, and professional office activity. The property is positioned within a pedestrian-oriented downtown commercial core along South Street and Springfield Avenue.

The site is directly adjacent to Village Pass Shopping Center, which includes ACME, Starbucks, Orangetheory Fitness, Pure Barre, CVS Pharmacy, Jersey Mike’s, and CHOPT. Additional surrounding businesses include Barth’s Market, Club Pilates, and multiple national and regional banks. The surrounding 5-mile trade area has a daytime population exceeding 218,000.

Key Highlights

• Central Commercial District zoning in New Providence
• Directly adjacent to Village Pass Shopping Center
• Nearby ACME, Starbucks, CVS Pharmacy, Jersey Mike’s, and CHOPT

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$126,424

Cap Rate

2.94%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,528,480 $2.5M

Cap Rate 7%

$1,806,057 $1.8M

Cap Rate 9%

$1,404,711 $1.4M

Market Conditions

NOI Build-Up for 8,263 SF

Gross rent

$247.9K $30.00/SF

− Vacancy

−$79.3K −$9.60/SF

EGI

$168.6K $20.40/SF

− OpEx

−$42.1K −$5.10/SF

NOI

$126.4K $15.30/SF

Area

Union County, NJ

Vacancy

32.00%

Lease Rate

$30.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,528,480

Cap Rate 7%

$1,806,057

Cap Rate 9%

$1,404,711

Alternative Uses

Best Use

Office B

$1.81M

$1.58M – $2.11M (±1% cap)

NOI $126,424 @ 7.0% cap · market cap 2.94%

Second Best

Retail

$1.68M

$1.47M – $1.97M (±1% cap)

NOI $117,940 @ 7.0% cap · market cap 2.74%

Theoretical Best

Office A

$2.16M

$1.89M – $2.52M (±1% cap)

NOI $151,034 @ 7.0% cap · market cap 3.51%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Retail space

Suggested Use

Top Pick Real Estate Agency Building Supply Auto Repair Shop Restaurant Big Box & Wholesale Store Law Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

676

Businesses Nearby

Explore this area Business Placement

Demographics for 07974, NJ

13,122

Population

4,995

Households

2.6

Avg Household Size

43

Median Age

69%

College-Educated

96%

High-School Grad

4.0 sq mi

ZIP Area

3,281

Density / Sq Mi

$168,860

Median Household Income

$95,875

Median Earnings

$2,042

Median Rent

$726,000

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Mixed-use property - Central Commercial District setting within New Providence’s walkable downtown commercial core.

Where is this mixed-use property located?

The property is located at 36 South Street New Providence, NJ.

What is the asking price?

The asking price for this property is $4,299,000.

What are key features of this property?

This property features: Central Commercial District zoning in New Providence; Directly adjacent to Village Pass Shopping Center; Nearby ACME, Starbucks, CVS Pharmacy, Jersey Mike’s, and CHOPT