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 Market217
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
(973) 202-9119
Listed By:
William Sitar Jr.
(973) 202-9119
Source:
Sitarcompany
Added: Jan 27
Changed: Aug 31
Last Checked: Aug 31 at 2:12PM
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
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 = 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
$708,135
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
6.16%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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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.
