Newark Industrial Warehouse For
488-500 Mulberry Street Newark, NJ 07114
488-500 Mulberry Street, Newark, NJ, 07114
$11,500,000
For Sale
$11,500,000
Industrial warehouse in Newark, close to major routes and highways.
Property Size56,692 SF
Price / SF$202.85
Days on Market172
Property Features for 488-500 Mulberry Street
General Information
- Standard status
- Active
- Size
- 56,692 SF
- Property subtype
- Industrial
Listing Agency
Sitar Realty Company - Corporate
(973) 202-9119
Listed by
William Sitar Jr.
(973) 202-9119
Source
Sitarcompany
Added: Jan 27 Checked: Jul 17 at 6:00 am
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.
Local Financial Insights For Warehouse
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $884.4k | $15.60 |
| − Vacancy | −$51.3k | −$0.90 |
| EGI | $833.1k | $14.70 |
| − OpEx | −$125.0k | −$2.20 |
| NOI | $708.1k | $12.49 |
56,692 SF · lease $15.60/SF/yr · vacancy 5.80% · expense 15.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
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.
