Commercial Loft Building with
For Sale
$4,500,000
451 COMMUNIPAW AVE, Jersey City, NJ 07304
Two-building commercial loft property with six units, including a full first-floor restaurant and an outdoor cafe component.
Property Size25,000 SF
Lot Size0.29 Acres
Price / SF$180
Days on Market122
Property Features for 451 COMMUNIPAW AVE
General Information
Standard status
Active
Size
25,000 SF
Lot size
0.29 Acres
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Opportunity Zone
Yes
Taxes and HOA fees
Annual Taxes
$87,803
Amenities
loading bay
freight elevator
outdoor café
Accessible Entrance
Building Details
Building Size
25,000 SF
Buildings
1
Stories
3
Construction
commercial loft
Tenancy
Multi
Listing Agency:
SERHANT NEW JERSEY LLC
(201) 232-3381
Listed By:
PATRICK C SOUTHERN · License #0336749
(201) 232-3381
Source:
Evrealestate
Added: Apr 24
Changed: Aug 23
Last Checked: Aug 22 at 8:01AM
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 SERHANT NEW JERSEY LLC
Investment Insights
Based on property information with market context.
451 Communipaw Avenue is a two-building commercial loft property built to support a mix of street-facing and loft-style tenancy. The primary structure includes five commercial loft spaces plus Factory Restaurant and Lounge, which occupies the entire first floor, for a total of six commercial units within the main building. A secondary building extends the restaurant use and includes an outdoor café component.
The property has direct frontage along Communipaw Avenue and is positioned at the entrance to Berry Lane Park. It also includes a loading bay and a freight elevator, which can support day-to-day deliveries and tenant operations.
For transportation access, Garfield Avenue Station on the Hudson-Bergen Light Rail is a short walk away, providing service toward Exchange Place PATH and Lower Manhattan via the PATH connection at Exchange Place, and also connecting to Pavonia/Newport PATH for Midtown Manhattan access.
The property has direct frontage along Communipaw Avenue and is positioned at the entrance to Berry Lane Park. It also includes a loading bay and a freight elevator, which can support day-to-day deliveries and tenant operations.
For transportation access, Garfield Avenue Station on the Hudson-Bergen Light Rail is a short walk away, providing service toward Exchange Place PATH and Lower Manhattan via the PATH connection at Exchange Place, and also connecting to Pavonia/Newport PATH for Midtown Manhattan access.
Key Highlights
- Two‑building commercial loft property totaling approx. 12,715 SF (approx. 0.29 acres) with 6 commercial units
- Main building includes 5 commercial loft spaces plus Factory Restaurant and Lounge occupying the entire first floor
- Secondary building serves as an extension of the restaurant and includes an outdoor café component
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
$413,123
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
9.18%
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%
$8,262,460
$8.3M
Cap Rate 7%
$5,901,757
$5.9M
Cap Rate 9%
$4,590,256
$4.6M
Market Conditions
NOI Build-Up for 25,000 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
$645.0K $25.80/SF
− Vacancy
−$54.8K −$2.19/SF
EGI
$590.2K $23.61/SF
− OpEx
−$177.1K −$7.08/SF
NOI
$413.1K $16.52/SF
Area
Jersey City, NJ
Vacancy
8.50%
Lease Rate
$25.80 /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%
$8,262,460
Cap Rate 7%
$5,901,757
Cap Rate 9%
$4,590,256
Alternative Uses
Best Use
Specialty Retail
$7.04M
$6.16M – $8.21M
NOI $492,795 @ 7.0% cap · market cap 10.95%
Second Best
Retail
$5.90M
$5.16M – $6.89M
NOI $413,123 @ 7.0% cap · market cap 9.18%
Theoretical Best
Multifamily LT 5
$8.11M
$7.09M – $9.46M
NOI $567,378 @ 7.0% cap · market cap 12.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,114
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07304, NJ
48,681
Population
21,211
Households
2.3
Avg Household Size
35
Median Age
40%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
23,181
Density / Sq Mi
$68,432
Median Household Income
$47,673
Median Earnings
$1,572
Median Rent
$489,400
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Two-building commercial loft property with six units, including a full first-floor restaurant and an outdoor cafe component.
Where is this conventional restaurant located?
The property is located at 451 COMMUNIPAW AVE Jersey City, NJ.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Two‑building commercial loft property totaling approx. 12,715 SF (approx. 0.29 acres) with 6 commercial units; Main building includes 5 commercial loft spaces plus Factory Restaurant and Lounge occupying the entire first floor; Secondary building serves as an extension of the restaurant and includes an outdoor café component
