Building Details

Year Built 1940

Tenancy Multi

Listing Agency: KINGSTONE REALTY Show Phone

Listed By: JOON LEE Show Phone

Source: Corcoran

Added: Sep 2 Changed: Oct 21 Last Checked: Oct 20 at 8:43PM

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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 KINGSTONE REALTY

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Investment Insights

Based on property information with market context.

This freestanding storefront property contains 3,000 square feet and is occupied by three tenants. Current commercial uses include a cleaner, a check-cashing business, and a services agency.

Built in 1940, the property occupies a corner position at 441 Bloomfield Ave near 8th Street in Newark City, New Jersey.

Key Highlights

• 3,000‑square‑foot freestanding storefront property
• Three occupied tenant spaces
• Current uses include cleaning, check‑cashing, and services businesses

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$40,597

Cap Rate

3.25%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$811,940 $811.9K

Cap Rate 7%

$579,957 $580.0K

Cap Rate 9%

$451,078 $451.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,000 SF

Gross rent

$64.8K $21.60/SF

− Vacancy

−$6.8K −$2.27/SF

EGI

$58.0K $19.33/SF

− OpEx

−$17.4K −$5.80/SF

NOI

$40.6K $13.53/SF

Area

ZIP 07107

Vacancy

10.50%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$811,940

Cap Rate 7%

$579,957

Cap Rate 9%

$451,078

Alternative Uses

Best Use

Retail

$580.0K

$507.5K – $676.6K (±1% cap)

NOI $40,597 @ 7.0% cap · market cap 3.25%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.17M

$1.03M – $1.37M (±1% cap)

NOI $82,152 @ 7.0% cap · market cap 6.57%

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

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

Storefront properties

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Veterinary Clinic Computer & Electronic Repair Parking Lot & Garage

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

Lease Details

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

1,290

Businesses Nearby

36k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 53% Dining 41% Home Improvements & Furnishings 5%

Wells Fargo Shops & Services

9,804 visits/mo 0.1 miles

Sunoco Shops & Services

8,453 visits/mo 0.5 miles

Wingstop Dining

6,174 visits/mo 0.2 miles

Domino's Pizza Dining

3,993 visits/mo 0.3 miles

Carvel Ice Cream Dining

2,779 visits/mo 0.1 miles

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

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Frequently Asked Questions

What type of property is this?

Storefront property - Corner-positioned retail building with three occupied commercial spaces.

Where is this storefront property located?

The property is located at 441 Bloomfield Ave Newark, NJ.

What is the asking price?

The asking price for this property is $1,250,000.

What are key features of this property?

This property features: 3,000‑square‑foot freestanding storefront property; Three occupied tenant spaces; Current uses include cleaning, check‑cashing, and services businesses