Neighborhood Tavern with
For Sale
$899,999
45 Freeman Street, West Orange, NJ 07052
Multi-Family, West Orange, NJ
Property Size1,579 SF
Lot Size0.17 Acres
Price / SF$569.98
Days on Market255
Property Features for 45 Freeman Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Multi-Family, Commercial
Bedrooms
1
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bathroom 1
Parking features
Off Street, On Street
Exterior features
Lighting
Basement
Crawl Space
Directions
GPS to 45 Freeman Street West Orange
Standard status
Active
APN
22-00041-03-00077
Size
1,579 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
14113
Utilities
Sewer type
Public Sewer
Heating system
Radiant
Cooling system
Multi Units
Water source
Public
Amenities
backyard
Building Details
Year built
1921
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
Arthur Rue Agency
Listed By:
Anthony Conselice · License #7937355
(732) 793-0473
Added: Jan 7
Changed: Sep 4
Last Checked: Sep 19 at 6:06PM
MLS# 22600707
Copyright © 2026 More MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,579-square-foot tavern property combines an operating bar, package goods business, fully equipped kitchen, backyard, and a residential apartment within the real estate. The sale includes the bar setup and furniture, fixtures, and equipment. An active NJ liquor license is also included, while inventory is excluded from the asking price. The property occupies 0.17 acres and was built in 1921.
Located at 45 Freeman Street in West Orange, the property is positioned within the Valley Arts District, a 15-block area spanning Orange and West Orange. The New York Midtown Direct Train is two blocks away, and the surrounding area includes more than 250 new apartments with additional residential units planned. Public water and sewer serve the property. Heating is radiant, cooling is provided by multiple units, and parking is available both on and off the street.
Located at 45 Freeman Street in West Orange, the property is positioned within the Valley Arts District, a 15-block area spanning Orange and West Orange. The New York Midtown Direct Train is two blocks away, and the surrounding area includes more than 250 new apartments with additional residential units planned. Public water and sewer serve the property. Heating is radiant, cooling is provided by multiple units, and parking is available both on and off the street.
Key Highlights
- Operating tavern with package goods and an active NJ liquor license
- 1,579‑square‑foot property on 0.17 acres
- Residential apartment included with bar, backyard, and commercial facilities
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
$26,426
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
2.94%
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%
$528,520
$528.5K
Cap Rate 7%
$377,514
$377.5K
Cap Rate 9%
$293,622
$293.6K
Market Conditions
NOI Build-Up for 1,579 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
$40.4K $25.56/SF
− Vacancy
−$2.6K −$1.65/SF
EGI
$37.8K $23.91/SF
− OpEx
−$11.3K −$7.17/SF
NOI
$26.4K $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%
$528,520
Cap Rate 7%
$377,514
Cap Rate 9%
$293,622
Alternative Uses
Best Use
Multifamily LT 5
$377.5K
$330.3K – $440.4K
NOI $26,426 @ 7.0% cap · market cap 2.94%
Second Best
Apartment 5plus
$346.9K
$303.5K – $404.7K
NOI $24,282 @ 7.0% cap · market cap 2.70%
Theoretical Best
Office A
$412.3K
$360.8K – $481.0K
NOI $28,862 @ 7.0% cap · market cap 3.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
1,227
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 07052, NJ
48,867
Population
18,300
Households
2.7
Avg Household Size
42
Median Age
53%
College-Educated
92%
High-School Grad
12.0 sq mi
ZIP Area
4,072
Density / Sq Mi
$131,456
Median Household Income
$63,458
Median Earnings
$1,791
Median Rent
$527,200
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
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Similar Off Market Nearby
- Scotland Arms Liquors — 711 Scotland Rd, City of Orange, NJ 07050
- South Valley BBQ and Lounge — 34 S Valley Rd, West Orange, NJ 07052
- APT 15 — 491 Valley St, City of Orange, NJ 07050
- Hat City Kitchen — 459 Valley St, City of Orange, NJ 07050
- Last Call Mixology — 406 Tompkins St, City of Orange, NJ 07050
Frequently Asked Questions
What type of property is this?
Bar & Pub - Operating bar property with a residential apartment, equipped kitchen, package goods, and an active NJ liquor license.
Where is this bar & pub located?
The property is located at 45 Freeman Street West Orange, NJ.
What is the asking price?
The asking price for this property is $899,999.
What are key features of this property?
This property features: Operating tavern with package goods and an active NJ liquor license; 1,579‑square‑foot property on 0.17 acres; Residential apartment included with bar, backyard, and commercial facilities
