Mixed-Use Building with Restaurant
For Sale
$1,500,000
415 Central Ave, Newark, NJ 07107
Residential apartments sit alongside a leased ground-floor restaurant operation.
Property Size5,558 SF
Price / SF$269.88
Days on Market313
Property Features for 415 Central Ave
General Information
Standard status
Active
Size
5,558 SF
Property subtype
Commercial
Zoning
Mixed Use
Occupancy
100%
Net Operating Income
$98,000
Site & Location
Neighborhood
Fairmount
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 4BR/2BA
Multifamily Units
2
Building Details
Building Size
5,558 SF
Year Built
1935
Buildings
1
Stories
3
Units
3
Listing Agency:
Coldwell Banker Realty
(973) 233-2300
Listed By:
Donn McDonald
(973) 233-2034
Source:
Cammarotarealestate
Added: Dec 14, 2025
Changed: Oct 22
Last Checked: Oct 22 at 2:42PM
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 Coldwell Banker Realty
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Investment Insights
Based on property information with market context.
Built in 1935, this 5,558-SF mixed-use property contains two 4BR/2BA apartments and approximately 3,000 SF of ground-floor commercial space configured as a kitchen and restaurant. The building is fully leased, and the restaurant space carries a three-year lease.
The property fronts Central Avenue in Newark’s University Heights District, with public transportation and major highways nearby. Rutgers University, NJIT, Essex County College, major hospitals, NJPAC, and Prudential Center are minutes away.
The property fronts Central Avenue in Newark’s University Heights District, with public transportation and major highways nearby. Rutgers University, NJIT, Essex County College, major hospitals, NJPAC, and Prudential Center are minutes away.
Key Highlights
- Two 4BR/2BA apartments
- Approximately 3,000 SF of ground‑floor kitchen and restaurant space
- Fully leased property; restaurant space has a three‑year lease
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$86,963
Cap Rate
5.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,739,260
$1.7M
Cap Rate 7%
$1,242,329
$1.2M
Cap Rate 9%
$966,256
$966.3K
Market Conditions
NOI Build-Up for 5,558 SF
Gross rent
$126.7K $22.80/SF
− Vacancy
−$10.8K −$1.94/SF
EGI
$116.0K $20.86/SF
− OpEx
−$29.0K −$5.22/SF
NOI
$87.0K $15.65/SF
Area
ZIP 07107
Vacancy
8.50%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,739,260
Cap Rate 7%
$1,242,329
Cap Rate 9%
$966,256
Alternative Uses
Best Use
Specialty Retail
$1.24M
$1.09M – $1.45M
NOI $86,963 @ 7.0% cap · market cap 5.80%
Second Best
Apartment 5plus
$1.22M
$1.06M – $1.42M
NOI $85,199 @ 7.0% cap · market cap 5.68%
Theoretical Best
Office A
$2.17M
$1.90M – $2.54M
NOI $152,200 @ 7.0% cap · market cap 10.15%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,635
Businesses Nearby
Explore this area
Business Placement
Demographics for 07107, NJ
41,627
Population
16,084
Households
2.6
Avg Household Size
33
Median Age
13%
College-Educated
77%
High-School Grad
1.6 sq mi
ZIP Area
26,017
Density / Sq Mi
$49,892
Median Household Income
$35,700
Median Earnings
$1,259
Median Rent
$353,300
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 apartments sit alongside a leased ground-floor restaurant operation.
Where is this mixed-use property located?
The property is located at 415 Central Ave Newark, NJ.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Two 4BR/2BA apartments; Approximately 3,000 SF of ground‑floor kitchen and restaurant space; Fully leased property; restaurant space has a three‑year lease
