9-Unit Mixed-Use
New
For Sale
$1,699,000
402 Bloomfield Ave, Bloomfield, NJ 07003
Six apartments and three street-level commercial spaces are complemented by income-producing parking.
Property Size4,885 SF
Days on Market7
Property Features for 402 Bloomfield Ave
General Information
Standard status
Active
Size
4,885 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
3 x 1BR, 3 x 2BR
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$36,920
Building Details
Building Size
4,885 SF
Year Built
1890
Year Renovated
2019
Buildings
1
Stories
2
Units
9
Tenancy
Multi
Listed By:
ROY CASTRO
Source:
Elliman
Added: Oct 7
Last Checked: Oct 12 at 8:19PM
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 ROY CASTRO
Investment Insights
Based on property information with market context.
This 9-unit mixed-use property combines six apartments with three street-level commercial spaces. The residential mix consists of three one-bedroom and three two-bedroom apartments. Renovations completed in 2019 covered the roof, siding, exterior stonework, windows, doors, kitchens, bathrooms, flooring, baseboard heating, apartments, and common areas. Units are separately metered; residential tenants pay for their own heat and electricity, while the owner supplies hot and cold water. Two large-capacity water heaters serve the building, and parking generates additional income.
The property sits along the Bloomfield Avenue corridor, with access to NYC transportation, shopping, dining, and major highways, including the Garden State Parkway.
The property sits along the Bloomfield Avenue corridor, with access to NYC transportation, shopping, dining, and major highways, including the Garden State Parkway.
Key Highlights
- 9 units: six residential apartments and three street‑level commercial spaces
- Residential mix includes three one‑bedroom and three two‑bedroom apartments
- Renovations in 2019 included the roof, siding, stonework, apartments, common areas, windows, doors, kitchens, baths, flooring, and baseboard heating
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$75,122
Cap Rate
4.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,502,440
$1.5M
Cap Rate 7%
$1,073,171
$1.1M
Cap Rate 9%
$834,689
$834.7K
Market Conditions
NOI Build-Up for 4,885 SF
Gross rent
$146.6K $30.00/SF
− Vacancy
−$10.0K −$2.04/SF
EGI
$136.6K $27.96/SF
− OpEx
−$61.5K −$12.58/SF
NOI
$75.1K $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 Rate 5%
$1,502,440
Cap Rate 7%
$1,073,171
Cap Rate 9%
$834,689
Alternative Uses
Best Use
Apartment 5plus
$1.07M
$939.0K – $1.25M
NOI $75,122 @ 7.0% cap · market cap 4.42%
Second Best
Retail
$996.1K
$871.6K – $1.16M
NOI $69,725 @ 7.0% cap · market cap 4.10%
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,290 @ 7.0% cap · market cap 5.26%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,655
Businesses Nearby
Explore this area
Business Placement
Demographics for 07003, NJ
52,955
Population
21,692
Households
2.4
Avg Household Size
38
Median Age
49%
College-Educated
93%
High-School Grad
5.3 sq mi
ZIP Area
9,992
Density / Sq Mi
$98,805
Median Household Income
$56,465
Median Earnings
$1,775
Median Rent
$447,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily 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 - Six apartments and three street-level commercial spaces are complemented by income-producing parking.
Where is this mixed-use property located?
The property is located at 402 Bloomfield Ave Bloomfield, NJ.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: 9 units: six residential apartments and three street‑level commercial spaces; Residential mix includes three one‑bedroom and three two‑bedroom apartments; Renovations in 2019 included the roof, siding, stonework, apartments, common areas, windows, doors, kitchens, baths, flooring, and baseboard heating
