Lounge and Bar with Residential
For Sale
$1,500,000
428 Central Avenue, East Orange, NJ 07018
Turn-key, fully remodeled lounge and bar with seating for 100, plus two on-site apartments and basement storage.
Property Size7,500 SF
Price / SF$200
Days on Market439
Property Features for 428 Central Avenue
General Information
Standard status
Active
Size
7,500 SF
Property subtype
General Commercial
Additional Details
Business Included
Yes
Liquor License
Yes
Multifamily Units
2
Amenities
Central Air
3
Vinyl
Parking.
On Street.
Building Details
Year Built
1930
Year Renovated
2015
Listing Agency:
CB/Schiavone & Associates
(609) 291-9400
Listed By:
David Schiavone · License #9588811
(609) 291-9400
Source:
Xome
Added: May 29, 2025
Changed: Aug 8
Last Checked: Aug 9 at 4:42AM
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 CB/Schiavone & Associates
Investment Insights
Based on property information with market context.
This turn-key lounge and bar was fully remodeled in 2015 and offers approximately 7,500 square feet with seating for about 100 patrons. The space includes a Plenary Retail Consumption (Class C) liquor license. The first floor features a remodeled bar with ample seating and multiple TVs, while the second level provides dining space. In addition, there is a rear bar area with DJ speakers, a loft-style DJ booth, and extra seating.
The property also includes two residential apartments: one four-bedroom, one-bath unit and one two-bedroom, one-bath unit, along with a full basement for storage.
Located in East Orange and within walking distance of the East Orange Train Station, the commute to NYC is described as approximately 25 minutes.
The property also includes two residential apartments: one four-bedroom, one-bath unit and one two-bedroom, one-bath unit, along with a full basement for storage.
Located in East Orange and within walking distance of the East Orange Train Station, the commute to NYC is described as approximately 25 minutes.
Key Highlights
- Approximately 7,500 SF remodeled lounge and bar with seating for 100 patrons in East Orange
- Fully remodeled in 2015; includes a remodeled bar with ample seating and multiple TVs plus additional DJ area
- Includes Plenary Retail Consumption (Class C) liquor license
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
$125,521
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
8.37%
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%
$2,510,420
$2.5M
Cap Rate 7%
$1,793,157
$1.8M
Cap Rate 9%
$1,394,678
$1.4M
Market Conditions
NOI Build-Up for 7,500 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
$191.7K $25.56/SF
− Vacancy
−$12.4K −$1.65/SF
EGI
$179.3K $23.91/SF
− OpEx
−$53.8K −$7.17/SF
NOI
$125.5K $16.74/SF
Area
Essex County, NJ
Vacancy
6.46%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
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%
$2,510,420
Cap Rate 7%
$1,793,157
Cap Rate 9%
$1,394,678
Alternative Uses
Best Use
Multifamily LT 5
$1.79M
$1.57M – $2.09M
NOI $125,521 @ 7.0% cap · market cap 8.37%
Second Best
Apartment 5plus
$1.65M
$1.44M – $1.92M
NOI $115,335 @ 7.0% cap · market cap 7.69%
Theoretical Best
Office A
$1.96M
$1.71M – $2.28M
NOI $137,088 @ 7.0% cap · market cap 9.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
1,329
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07018, NJ
30,429
Population
13,107
Households
2.3
Avg Household Size
36
Median Age
25%
College-Educated
86%
High-School Grad
1.7 sq mi
ZIP Area
17,899
Density / Sq Mi
$59,039
Median Household Income
$39,630
Median Earnings
$1,410
Median Rent
$314,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Turn-key, fully remodeled lounge and bar with seating for 100, plus two on-site apartments and basement storage.
Where is this bar & pub located?
The property is located at 428 Central Avenue East Orange, 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: Approximately 7,500 SF remodeled lounge and bar with seating for 100 patrons in East Orange; Fully remodeled in 2015; includes a remodeled bar with ample seating and multiple TVs plus additional DJ area; Includes Plenary Retail Consumption (Class C) liquor license
