Flex Space with Drive-In
For Sale
$450,000
517 Avon Ave, Newark, NJ 07108
Vacant open-span commercial space with high ceilings, concrete flooring, and flexible interior layout.
Property Size2,178 SF
Days on Market42
Property Features for 517 Avon Ave
General Information
Standard status
Active
Size
2,178 SF
Property subtype
Industrial
Site & Location
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Clear Span
Yes
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$5,350
Building Details
Building Size
2,178 SF
Year Built
1950
Stories
1
Units
1
Listed By:
ENGY SHEHATA
(609) 216-7035
Source:
Elliman
Added: Jul 30
Changed: Aug 31
Last Checked: Sep 8 at 6:51AM
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 ENGY SHEHATA
Investment Insights
Based on property information with market context.
Vacant flex space with an open-span layout, high ceilings, concrete flooring, and a large drive-in overhead door. The property is designed for flexible interior configurations and is available for immediate occupancy. The space is positioned for commercial, warehouse, auto, storage, light manufacturing, distribution, and creative or production-related uses described in the property information.
Located on busy Avon Avenue in Newark, the property offers access to major highways, EWR Airport, the Port of Newark, and New York City. The surrounding area is also described as an expanding hub for film and television production. The building was constructed in 1950 and has a Walk Score of 70, Transit Score of 56, and Bike Score of 48.
Located on busy Avon Avenue in Newark, the property offers access to major highways, EWR Airport, the Port of Newark, and New York City. The surrounding area is also described as an expanding hub for film and television production. The building was constructed in 1950 and has a Walk Score of 70, Transit Score of 56, and Bike Score of 48.
Key Highlights
- Open‑span flex space with high ceilings and concrete flooring
- Large drive‑in overhead door supports direct access to the space
- Vacant property available for immediate occupancy
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
$27,205
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
6.05%
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%
$544,100
$544.1K
Cap Rate 7%
$388,643
$388.6K
Cap Rate 9%
$302,278
$302.3K
Market Conditions
NOI Build-Up for 2,178 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
$34.0K $15.60/SF
− Vacancy
−$2.0K −$0.90/SF
EGI
$32.0K $14.70/SF
− OpEx
−$4.8K −$2.20/SF
NOI
$27.2K $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%
$544,100
Cap Rate 7%
$388,643
Cap Rate 9%
$302,278
Alternative Uses
Best Use
Warehouse
$388.6K
$340.1K – $453.4K
NOI $27,205 @ 7.0% cap · market cap 6.05%
Second Best
Industrial
$320.1K
$280.1K – $373.4K
NOI $22,404 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$771.7K
$675.2K – $900.3K
NOI $54,019 @ 7.0% cap · market cap 12.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,486
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07108, NJ
28,715
Population
12,862
Households
2.2
Avg Household Size
32
Median Age
17%
College-Educated
85%
High-School Grad
1.4 sq mi
ZIP Area
20,511
Density / Sq Mi
$33,960
Median Household Income
$30,336
Median Earnings
$1,098
Median Rent
$326,900
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.
Similar Off Market Nearby
- Remarkable Cuisine LLC — 73 Clinton Pl, Newark, NJ 07108
- Maries Soul Food Catering — 61 Rose Terrace, Newark, NJ 07108
- The Rush | Mobile Ice Cream, Coffee, and Dessert Shop — 113 Washington Ave, Irvington, NJ 07111
- urban hands — 584 S 10th St, Newark, NJ 07103
- Tasti Cuisine — 855 18th Ave, Irvington, NJ 07111
Frequently Asked Questions
What type of property is this?
Flex space - Vacant open-span commercial space with high ceilings, concrete flooring, and flexible interior layout.
Where is this flex space located?
The property is located at 517 Avon Ave Newark, NJ.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Open‑span flex space with high ceilings and concrete flooring; Large drive‑in overhead door supports direct access to the space; Vacant property available for immediate occupancy
