Belleville Mixed-Use
For Sale
$1,100,000
431 Washington Ave, Belleville, NJ 07109
Renovated mixed-use property with commercial and residential potential.
Property Size3,766 SF
Price / SF$292.09
Days on Market81
Property Features for 431 Washington Ave
General Information
Standard status
Active
Size
3,766 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$19,334
Amenities
Central air
Asphalt Shingle Roof
2 Car Width
2 Units Cooling
2 Units Heating
Baseboard - Hotwater Heating
Forced Hot Air Heating
Multi-Zone Cooling
Multi-Zone Heating
Building Details
Year Built
1908
Listing Agency:
EXP REALTY, LLC
(866) 201-6210
Listed By:
RAYMOND THOMAS
Source:
Corcoran
Added: May 22
Changed: Aug 8
Last Checked: Aug 8 at 7:39AM
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 EXP REALTY, LLC
Investment Insights
Based on property information with market context.
Located in Belleville, 431 Washington Ave is a mixed-use property combining residential and commercial potential. The property was completely renovated in 2011 with updated systems and modern improvements. The commercial space offers flexible use options with visibility along Washington Avenue, making it suitable for a variety of permitted business uses. The residential portion provides living space with updated finishes, spacious rooms, and natural light. Improvements completed during the renovation include updated flooring, fixtures, mechanical systems, and interior finishes. The property may include separate utilities, ample storage, and off-street parking. Situated near parks, schools, houses of worship, and commuter routes with access to Newark and New York City, this property is an opportunity for owner-users, investors, or business owners seeking a versatile mixed-use building. The property size is 3766 square feet. It is located near shopping, dining, major highways, and public transportation.
Key Highlights
- Mixed‑use property with both commercial and residential spaces.
- Convenient Belleville location near shopping, dining, major highways, and public transportation.
- Renovated in 2011 with updated systems and modern improvements.
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
$57,914
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
5.26%
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%
$1,158,280
$1.2M
Cap Rate 7%
$827,343
$827.3K
Cap Rate 9%
$643,489
$643.5K
Market Conditions
NOI Build-Up for 3,766 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
$113.0K $30.00/SF
− Vacancy
−$7.7K −$2.04/SF
EGI
$105.3K $27.96/SF
− OpEx
−$47.4K −$12.58/SF
NOI
$57.9K $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%
$1,158,280
Cap Rate 7%
$827,343
Cap Rate 9%
$643,489
Alternative Uses
Best Use
Apartment 5plus
$827.3K
$723.9K – $965.2K
NOI $57,914 @ 7.0% cap · market cap 5.26%
Second Best
Retail
$767.9K
$671.9K – $895.9K
NOI $53,753 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$983.4K
$860.5K – $1.15M
NOI $68,836 @ 7.0% cap · market cap 6.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,321
Businesses Nearby
135k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 76%
Dining 18%
Home Improvements & Furnishings 3%
Electronics 3%
Dollar Tree
Shops & Services
25,104 visits/mo
0.4 miles
QuickChek
Shops & Services
24,277 visits/mo
0.1 miles
Dollar General
Shops & Services
13,963 visits/mo
0.3 miles
Bank of America
Shops & Services
13,136 visits/mo
0.1 miles
Family Dollar
Shops & Services
10,511 visits/mo
0.3 miles
Demographics for 07109, NJ
38,078
Population
15,045
Households
2.5
Avg Household Size
39
Median Age
31%
College-Educated
87%
High-School Grad
3.3 sq mi
ZIP Area
11,539
Density / Sq Mi
$90,164
Median Household Income
$47,446
Median Earnings
$1,596
Median Rent
$405,500
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated mixed-use property with commercial and residential potential.
Where is this mixed-use property located?
The property is located at 431 Washington Ave Belleville, NJ.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Mixed‑use property with both commercial and residential spaces.; Convenient Belleville location near shopping, dining, major highways, and public transportation.; Renovated in 2011 with updated systems and modern improvements.
