Mixed-Use Property with Retail
481-487 Springfield Ave, Berkeley Heights, NJ 07922
For Sale
$1,595,000
The assemblage combines residential units, a garage apartment, and a two-tenant storefront.
Property Size9,999 SF
Lot Size0.16 Acres
Price / SF$159.52
Days on Market26
Property Features for 481-487 Springfield Ave
General Information
Standard status
Size
Lot size
Property subtype
Zoning
Additional Details
Mixed-Use Components
Tenant in Place
Building Details
Building Size
Stories
Units
Tenancy
Listing Agency:
Bhhs Fox & Roach
(732) 469-1515
Listed By:
Tim Deluccia · License #8243435
(732) 907-2901
Source:
Culturaunitedrealty
Added: Oct 14
Changed: Nov 7
Last Checked: Nov 7 at 5:37PM
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 Bhhs Fox & Roach
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This mixed-use assemblage includes a two-family residence and a detached three-car garage with an apartment, occupying 0.34 acres. A separate 2,400-square-foot retail building with two tenants sits on an additional 0.16 acres, bringing the combined land area to 0.50 acres.
The properties are in Berkeley Heights’ DD zoning district, identified as the downtown development zone.
The properties are in Berkeley Heights’ DD zoning district, identified as the downtown development zone.
Key Highlights
- 0.50 acres across the full assemblage
- Two‑family residence on a 0.34‑acre parcel
- Detached three‑car garage includes an apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$142,719
Cap Rate
8.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,854,380
$2.9M
Cap Rate 7%
$2,038,843
$2.0M
Cap Rate 9%
$1,585,767
$1.6M
Market Conditions
NOI Build-Up for 9,999 SF
Gross rent
$216.0K $21.60/SF
− Vacancy
−$12.1K −$1.21/SF
EGI
$203.9K $20.39/SF
− OpEx
−$61.2K −$6.12/SF
NOI
$142.7K $14.27/SF
Area
Union County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,854,380
Cap Rate 7%
$2,038,843
Cap Rate 9%
$1,585,767
Alternative Uses
Best Use
Multifamily LT 5
$2.39M
$2.09M – $2.79M
NOI $167,345 @ 7.0% cap · market cap 10.49%
Second Best
Apartment 5plus
$2.20M
$1.92M – $2.56M
NOI $153,765 @ 7.0% cap · market cap 9.64%
Theoretical Best
Office A
$2.61M
$2.28M – $3.05M
NOI $182,766 @ 7.0% cap · market cap 11.46%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
727
Businesses Nearby
Explore this area
Business Placement
Demographics for 07922, NJ
12,311
Population
4,474
Households
2.8
Avg Household Size
44
Median Age
73%
College-Educated
98%
High-School Grad
5.6 sq mi
ZIP Area
2,198
Density / Sq Mi
$179,006
Median Household Income
$107,844
Median Earnings
$1,986
Median Rent
$697,000
Median Home Value
Market
Average Price Trend$/SF for Mixed-use properties in Union County, NJ
Properties on Market for Mixed-use properties in Union County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - The assemblage combines residential units, a garage apartment, and a two-tenant storefront.
Where is this mixed-use property located?
The property is located at 481-487 Springfield Ave Berkeley Heights, NJ.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: 0.50 acres across the full assemblage; Two‑family residence on a 0.34‑acre parcel; Detached three‑car garage includes an apartment
