Mixed-Use Portfolio with Retail
481 Springfield Ave, Berkeley Heights, NJ 07922
For Sale
$1,595,000
The offering combines residential space, a garage apartment, and a two-tenant retail property across separate parcels.
Property Size9,999 SF
Lot Size0.50 Acres
Price / SF$159.52
Days on Market26
Property Features for 481 Springfield Ave
General Information
Standard status
Size
Lot size
Property subtype
Zoning
Additional Details
Mixed-Use Components
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
Composition Shingle Roof
Flat Roof
Level Lot
Off-Street Parking
Parking Lot-Exclusive
Parking Lot-Shared
Building Details
Buildings
Tenancy
Listing Agency:
BHHS FOX & ROACH
(732) 469-1515
Listed By:
TIM DELUCCIA · License #8243435
(732) 907-2901
Source:
Corcoran
Added: Oct 14
Changed: Nov 7
Last Checked: Nov 7 at 12:41PM
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
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Investment Insights
Based on property information with market context.
This mixed-use offering brings together a two-family residence and a separate three-car garage with an apartment on 0.34 acres. A 2,400-square-foot retail building occupied by two tenants is included on an additional 0.16 acres, creating a portfolio of residential and commercial properties across 0.50 acres total.
The properties are in Berkeley Heights’ Downtown Development (DD) zone. The offering includes both residential accommodations and occupied retail space.
The properties are in Berkeley Heights’ Downtown Development (DD) zone. The offering includes both residential accommodations and occupied retail space.
Key Highlights
- Two‑family residence and detached three‑car garage with apartment on 0.34 acres
- 2,400 SF retail building with two tenants
- Retail building parcel totals 0.16 acres
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.
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Property Analytics
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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
$697,000
Median Home Value
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Market
Average Price Trend$/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 offering combines residential space, a garage apartment, and a two-tenant retail property across separate parcels.
Where is this mixed-use property located?
The property is located at 481 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: Two‑family residence and detached three‑car garage with apartment on 0.34 acres; 2,400 SF retail building with two tenants; Retail building parcel totals 0.16 acres
