Building Details

Building Size 1,850 SF

Tenancy Multi

Listing Agency: KELLER WILLIAMS PARK VIEWS

Listed By: EYAL LEVY · License #1540641 Show Phone

Source: Tkregroupinc

Added: Apr 28 Changed: Nov 1 Last Checked: Nov 1 at 3:21PM

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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

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Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

At 492 Springfield Ave in Newark, this mixed-use property pairs two residential units with commercial space at street level. Each apartment contains three bedrooms and one full bathroom, and the residential units have separate utilities.

The ground-floor commercial area adds a business component to the building’s residential layout.

Key Highlights

• Two residential units, each with 3 bedrooms and 1 full bath
• Separate utilities for the residential units
• Street‑level commercial space at 492 Springfield Ave, Newark

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$33,603

Cap Rate

4.49%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$672,060 $672.1K

Cap Rate 7%

$480,043 $480.0K

Cap Rate 9%

$373,367 $373.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,850 SF

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 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 (±1% cap)

NOI $33,603 @ 7.0% cap · market cap 4.49%

Second Best

Retail

$423.8K

$370.8K – $494.4K (±1% cap)

NOI $29,664 @ 7.0% cap · market cap 3.96%

Theoretical Best

Office A

$661.7K

$579.0K – $772.0K (±1% cap)

NOI $46,318 @ 7.0% cap · market cap 6.18%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Gracemercy Party Rentals Party Supply Store

Suggested Use

Top Pick Law Firm Real Estate Agency Skin Care Clinic Gym & Fitness Center Acupuncture (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Multi-tenant

Tenancy

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - The building combines two residential apartments with a street-level commercial suite.

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 bath; Separate utilities for the residential units; Street‑level commercial space at 492 Springfield Ave, Newark