Two-Tenant Storefront
For Sale
Contact for pricing
483 Springfield Avenue, Berkeley Heights, NJ 07922
Retail building in the Downtown Development (DD) zone with two existing tenants.
Property Size2,400 SF
Lot Size0.16 Acres
Price / SF$320.83
Days on Market55
Property Features for 483 Springfield Avenue
General Information
Standard status
Active
Size
2,400 SF
Lot size
0.16 Acres
Property subtype
Retail
Zoning
DD
Additional Details
Road Access
Yes
Land Use
retail
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Deluccia Commercial Group/Berkshire Hathway Fox & Roach Realtors.
(732) 469-1515
Listed By:
Tim Deluccia · License #8243435
Source:
Crexi
Added: Jul 7
Changed: Aug 30
Last Checked: Aug 30 at 3:08PM
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 Deluccia Commercial Group/Berkshire Hathway Fox & Roach Realtors.
Investment Insights
Based on property information with market context.
Located at 483 Springfield Avenue in Berkeley Heights, New Jersey, this storefront property includes a 2,400-square-foot retail building occupied by two tenants. The parcel measures 0.16 acres and is designated DD, or Downtown Development, zoning.
The property may be combined with the neighboring parcel at 481 Springfield Avenue, creating an assemblage of approximately 0.50 acres. The existing retail improvements and two-tenant configuration provide an established commercial component within the current site.
The property may be combined with the neighboring parcel at 481 Springfield Avenue, creating an assemblage of approximately 0.50 acres. The existing retail improvements and two-tenant configuration provide an established commercial component within the current site.
Key Highlights
- 2,400 SF retail building
- 0.16‑acre parcel in the DD zoning district
- Two existing tenants
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
$34,256
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
4.45%
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%
$685,120
$685.1K
Cap Rate 7%
$489,371
$489.4K
Cap Rate 9%
$380,622
$380.6K
Market Conditions
NOI Build-Up for 2,400 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
$51.8K $21.60/SF
− Vacancy
−$2.9K −$1.21/SF
EGI
$48.9K $20.39/SF
− OpEx
−$14.7K −$6.12/SF
NOI
$34.3K $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 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%
$685,120
Cap Rate 7%
$489,371
Cap Rate 9%
$380,622
Alternative Uses
Best Use
Retail
$489.4K
$428.2K – $570.9K
NOI $34,256 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$626.7K
$548.4K – $731.1K
NOI $43,868 @ 7.0% cap · market cap 5.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
727
Businesses Nearby
80k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 41%
Groceries 32%
Dining 14%
Home Improvements & Furnishings 9%
Stop & Shop
Groceries
25,896 visits/mo
0.3 miles
Dunkin' Donuts
Dining
10,012 visits/mo
0.3 miles
Berkeley Hardware & Paint
Home Improvements & Furnishings
7,452 visits/mo
0.1 miles
TD Bank
Shops & Services
6,020 visits/mo
0.4 miles
Pet Supplies Plus
Shops & Services
5,812 visits/mo
0.3 miles
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
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- B Creative Flowers (Floral Preservation) — 9 whispering way e, berkeley heights, nj 07922
- Blue Jasmine Floral — 206 Sherman Ave, Berkeley Heights, NJ 07922
- Paramount Brand Roses Inc — 394 Springfield Ave, Berkeley Heights, NJ 07922
- Berkeley Heights Flower Deliviry — Cardinal Ct, Berkeley Heights, NJ 07922
Frequently Asked Questions
What type of property is this?
Storefront property - Retail building in the Downtown Development (DD) zone with two existing tenants.
Where is this storefront property located?
The property is located at 483 Springfield Avenue Berkeley Heights, NJ.
What is the asking price?
The asking price for this property is $770,000.
What are key features of this property?
This property features: 2,400 SF retail building; 0.16‑acre parcel in the DD zoning district; Two existing tenants
