Newark Industrial Warehouse For
For Sale
$11,500,000
488-500 Mulberry Street, Newark, NJ 07114
Industrial warehouse in Newark, close to major routes and highways.
Property Size53,440 SF
Price / SF$202.85
Days on Market263
Property Features for 488-500 Mulberry Street
General Information
Standard status
Active
Size
53,440 SF
Property subtype
Industrial
Building Details
Building Size
53,440 SF
Listing Agency:
Sitar Realty Company - Corporate
Listed By:
William Sitar Jr.
(973) 202-9119
Source:
Sitarcompany
Added: Jan 27
Changed: Oct 16
Last Checked: Oct 16 at 6:02AM
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 Sitar Realty Company - Corporate
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Investment Insights
Based on property information with market context.
This industrial warehouse is available for sale in Newark, adjacent to the Design District. Also known as 190 Murray Street, the property is located one block from Highway 21 and in close proximity to Routes 9, 78, 95, and 280. The fully leased industrial building has a net operating income of approximately $640,000, and tenants have flexible leases. The owner can vacate approximately 3,300 square feet of office space, approximately 7,638 square feet of mezzanine space, and approximately 16,000 square feet of warehouse space for a user buyer. The property is zoned MX-2 Med-Density Res/Comm/Industrial, with redevelopment zoning for an 8-story residential building. It features 3 tailboard doors and 4 drive-in doors, with a ceiling height of 16 feet. Property taxes are approximately $57,000. The property has a total size of 56,692 square feet. Owner financing is available.
Key Highlights
- Fully leased industrial building generating ±$640,000 net operating income.
- Opportunity for owner to occupy ±3,300 SF office, ±7,638 SF mezzanine and ±16,000 SF warehouse space.
- Redevelopment potential with MX‑2 zoning allowing for 8‑story residential building.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$708,135
Cap Rate
6.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$14,162,700
$14.2M
Cap Rate 7%
$10,116,214
$10.1M
Cap Rate 9%
$7,868,167
$7.9M
Market Conditions
NOI Build-Up for 56,692 SF
Gross rent
$884.4K $15.60/SF
− Vacancy
−$51.3K −$0.90/SF
EGI
$833.1K $14.70/SF
− OpEx
−$125.0K −$2.20/SF
NOI
$708.1K $12.49/SF
Area
Newark, NJ
Vacancy
5.80%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$14,162,700
Cap Rate 7%
$10,116,214
Cap Rate 9%
$7,868,167
Alternative Uses
Best Use
Warehouse
$10.12M
$8.85M – $11.80M
NOI $708,135 @ 7.0% cap · market cap 6.16%
Second Best
Industrial
$8.33M
$7.29M – $9.72M
NOI $583,170 @ 7.0% cap · market cap 5.07%
Theoretical Best
Office A
$20.09M
$17.58M – $23.43M
NOI $1,406,080 @ 7.0% cap · market cap 12.23%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,274
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07114, NJ
17,767
Population
4,694
Households
3.8
Avg Household Size
39
Median Age
9%
College-Educated
69%
High-School Grad
7.9 sq mi
ZIP Area
2,249
Density / Sq Mi
$34,167
Median Household Income
$35,916
Median Earnings
$616
Median Rent
$384,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Northeast region
Similar Off Market Nearby
- Father & Son Moving & Storage Inc — 194 Frelinghuysen Ave, Newark, NJ 07114
- The DeLong Company — 116 Poinier St, Newark, NJ 07114
- Father Son Storage — newark, nj 07114
- AJC INDUSTRIES LLC — 219 Vanderpool St, Newark, NJ 07114
- Newark Refrigerated Warehouse: Executive Office — 104 Avenue C, Newark, NJ 07114
Frequently Asked Questions
What type of property is this?
Warehouse - Industrial warehouse in Newark, close to major routes and highways.
Where is this warehouse located?
The property is located at 488-500 Mulberry Street Newark, NJ.
What is the asking price?
The asking price for this property is $11,500,000.
What are key features of this property?
This property features: Fully leased industrial building generating ±$640,000 net operating income.; Opportunity for owner to occupy ±3,300 SF office, ±7,638 SF mezzanine and ±16,000 SF warehouse space.; Redevelopment potential with MX‑2 zoning allowing for 8‑story residential building.
