Mixed-Use Downtown Retail and
For Sale
$1,500,000
522 Bloomfield Ave, Verona, NJ 07044
Downtown mixed-use building with multiple retail spaces and apartments, positioned across from Verona Park.
Property Size5,360 SF
Price / SF$279.85
Days on Market101
Property Features for 522 Bloomfield Ave
General Information
Standard status
Active
Size
5,360 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$20,268
Amenities
Central air
Assigned
Central Air Cooling
Flat Roof
Wall A/C Unit(s) Cooling
Building Details
Year Built
1912
Listing Agency:
BHHS FOX & ROACH
(973) 744-5544
Listed By:
ROMAN DRUKAROV · License #298368
(973) 454-3218
Source:
Corcoran
Added: Jun 11
Changed: Sep 18
Last Checked: Sep 19 at 10:13AM
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 BHHS FOX & ROACH
Investment Insights
Based on property information with market context.
This mixed-use property for sale includes three retail spaces on Bloomfield Ave and two apartments on the second floor. In addition, there is a 1,600-square-foot retail space at the rear of the building currently used for manufacturing. The configuration supports both street-level retail activity and income generation from residential units within the same structure.
The building is situated at a four-way signalized intersection in the heart of downtown Verona, directly across from Verona Park. This positioning provides prominent access and visibility for the street-front retail components.
With Town Center-Mixed Use zoning, the asset offers flexibility for future tenants as occupancy changes. The combination of multiple retail bays, a rear flexible space currently operating as manufacturing, and second-floor apartments can fit investors or owner-operators seeking a multi-income property in a walkable downtown setting where retail and mixed-use users may be considered. The existing layout allows for continued retail operations while also providing a clear path to adapt the back space depending on tenant requirements at turnover.
The building is situated at a four-way signalized intersection in the heart of downtown Verona, directly across from Verona Park. This positioning provides prominent access and visibility for the street-front retail components.
With Town Center-Mixed Use zoning, the asset offers flexibility for future tenants as occupancy changes. The combination of multiple retail bays, a rear flexible space currently operating as manufacturing, and second-floor apartments can fit investors or owner-operators seeking a multi-income property in a walkable downtown setting where retail and mixed-use users may be considered. The existing layout allows for continued retail operations while also providing a clear path to adapt the back space depending on tenant requirements at turnover.
Key Highlights
- Mixed‑use building built in 1912 in downtown Verona.
- 3 retail spaces on Bloomfield Ave plus a 1,600 SF back retail space currently used for manufacturing.
- 2 apartments located on the 2nd floor.
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
$89,706
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
5.98%
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%
$1,794,120
$1.8M
Cap Rate 7%
$1,281,514
$1.3M
Cap Rate 9%
$996,733
$996.7K
Market Conditions
NOI Build-Up for 5,360 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
$137.0K $25.56/SF
− Vacancy
−$8.9K −$1.65/SF
EGI
$128.2K $23.91/SF
− OpEx
−$38.4K −$7.17/SF
NOI
$89.7K $16.74/SF
Area
Essex County, NJ
Vacancy
6.46%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
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%
$1,794,120
Cap Rate 7%
$1,281,514
Cap Rate 9%
$996,733
Alternative Uses
Best Use
Multifamily LT 5
$1.28M
$1.12M – $1.50M
NOI $89,706 @ 7.0% cap · market cap 5.98%
Second Best
Apartment 5plus
$1.18M
$1.03M – $1.37M
NOI $82,426 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$1.40M
$1.22M – $1.63M
NOI $97,972 @ 7.0% cap · market cap 6.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
998
Businesses Nearby
Explore this area
Business Placement
Demographics for 07044, NJ
14,572
Population
5,997
Households
2.4
Avg Household Size
44
Median Age
68%
College-Educated
98%
High-School Grad
2.8 sq mi
ZIP Area
5,204
Density / Sq Mi
$159,044
Median Household Income
$85,852
Median Earnings
$2,125
Median Rent
$595,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown mixed-use building with multiple retail spaces and apartments, positioned across from Verona Park.
Where is this mixed-use property located?
The property is located at 522 Bloomfield Ave Verona, NJ.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Mixed‑use building built in 1912 in downtown Verona.; 3 retail spaces on Bloomfield Ave plus a 1,600 SF back retail space currently used for manufacturing.; 2 apartments located on the 2nd floor.
