Mixed-Use Building with
For Sale
$749,000
492 Springfield Ave, Newark, NJ 07103
Two residential apartments sit above a street-facing commercial area along Springfield Avenue in Newark.
Property Size1,850 SF
Days on Market125
Property Features for 492 Springfield Ave
General Information
Standard status
Active
Size
1,850 SF
Property subtype
Commercial
Zoning
Commercial
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Building Details
Building Size
1,850 SF
Year Built
9999
Stories
3
Units
3
Listing Agency:
Keller Williams Park Views
(973) 866-5290
Listed By:
Eyal Levy · License #302024
(973) 866-5290
Source:
Betterhomerealestate
Added: Apr 28
Changed: Aug 28
Last Checked: Aug 29 at 10:17AM
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 Keller Williams Park Views
Investment Insights
Based on property information with market context.
This mixed-use property at 492 Springfield Avenue combines a street-level commercial area with two residential apartments. Each apartment contains three bedrooms and one full bathroom, while separate utility systems support distinct residential operations. The property is reported at 1,850 SF.
The commercial frontage is positioned along Springfield Avenue in Newark’s West Side, with pedestrian and vehicle activity noted along the corridor. Public transportation, schools, shopping, and neighborhood services are located nearby, providing an established urban setting for the residential and commercial components.
The configuration supports a combination of apartment occupancy and street-level business use within one property. The commercial area is described as suitable for retail, office, or service activity, subject to applicable requirements.
The commercial frontage is positioned along Springfield Avenue in Newark’s West Side, with pedestrian and vehicle activity noted along the corridor. Public transportation, schools, shopping, and neighborhood services are located nearby, providing an established urban setting for the residential and commercial components.
The configuration supports a combination of apartment occupancy and street-level business use within one property. The commercial area is described as suitable for retail, office, or service activity, subject to applicable requirements.
Key Highlights
- Two residential units, each with 3 bedrooms and 1 full bathroom
- Street‑level commercial area along 492 Springfield Avenue
- Separate utilities serve the residential units
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
$33,603
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
4.49%
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%
$672,060
$672.1K
Cap Rate 7%
$480,043
$480.0K
Cap Rate 9%
$373,367
$373.4K
Market Conditions
NOI Build-Up for 1,850 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
$64.4K $34.80/SF
− Vacancy
−$3.3K −$1.77/SF
EGI
$61.1K $33.03/SF
− OpEx
−$27.5K −$14.86/SF
NOI
$33.6K $18.16/SF
Area
ZIP 07103
Vacancy
5.10%
Lease Rate
$34.80 /SF/Yr
Expense Ratio
45.00%
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%
$672,060
Cap Rate 7%
$480,043
Cap Rate 9%
$373,367
Alternative Uses
Best Use
Apartment 5plus
$480.0K
$420.0K – $560.1K
NOI $33,603 @ 7.0% cap · market cap 4.49%
Second Best
Retail
$423.8K
$370.8K – $494.4K
NOI $29,664 @ 7.0% cap · market cap 3.96%
Theoretical Best
Office A
$661.7K
$579.0K – $772.0K
NOI $46,318 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,445
Businesses Nearby
Explore this area
Business Placement
Demographics for 07103, NJ
39,439
Population
13,832
Households
2.9
Avg Household Size
30
Median Age
21%
College-Educated
81%
High-School Grad
2.2 sq mi
ZIP Area
17,927
Density / Sq Mi
$42,397
Median Household Income
$34,278
Median Earnings
$1,289
Median Rent
$259,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two residential apartments sit above a street-facing commercial area along Springfield Avenue in Newark.
Where is this mixed-use property located?
The property is located at 492 Springfield Ave Newark, NJ.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Two residential units, each with 3 bedrooms and 1 full bathroom; Street‑level commercial area along 492 Springfield Avenue; Separate utilities serve the residential units
