504 Springfield Ave Newark, NJ 7103

This mixed-use building offers both commercial and residential income opportunities. The first floor retail unit, previously occupied by a pharmacy, presents an excellent opportunity for a variety of potential businesses. The second and third floors each include large, residential apartments with 4 bedrooms and 1 bathroom. Note that one bedroom in each apartment does not include a closet. These units offer high ceilings and generous layouts, with both front and rear stair access. Separate utilities are in place. An unfinished basement provides storage space. Building upgrades were completed in 2006, including updated electrical systems and central air. The property is being sold as-is, presenting an opportunity for an investor or owner-occupant to add value and maximize income. The store rent potential is estimated at $2,500 to $3,000. The total area is approximately 4,700 square feet. The basement measures approximately 1,229 square feet, the retail floor is 1,099 square feet, and the 2nd and 3rd floor units are each 1,184 square feet. Square footage measurements were calculated by the Matterport System and should be considered approximate. The annual income potential is estimated at $100,000 to $110,000.