5-Unit Apartment
For Sale
$1,250,000
531 Bloomfield Ave, Newark, NJ 07107
Fully occupied apartment property with a fenced parking lot and approved variance for expanded residential development.
Property Size5,218 SF
Price / SF$239.56
Days on Market67
Property Features for 531 Bloomfield Ave
General Information
Standard status
Active
Size
5,218 SF
Total Parking Spaces
5
Property subtype
Commercial
Occupancy
100%
Units
Unit Mix
3 x 2BR, 2 x 1BR
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$11,029
Amenities
Central air
1 Car Width
1 Unit Heating
Blacktop Driveway
Rubberized Roof
Wall A/C Unit(s) Cooling
Building Details
Year Built
1920
Buildings
1
Listing Agency:
COLDWELL BANKER REALTY
(973) 233-2300
Listed By:
DONN MCDONALD
(973) 233-2034
Source:
Corcoran
Added: Aug 13
Changed: Oct 16
Last Checked: Oct 16 at 9:08AM
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 COLDWELL BANKER REALTY
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Investment Insights
Based on property information with market context.
Built in 1920, this fully occupied apartment building contains five units comprising three two-bedroom apartments and two one-bedroom apartments. A fenced parking lot provides room for five cars, adding dedicated off-street parking to the property.
The property is in Newark’s Upper Roseville section near the Belleville border and Branch Brook Park. Reported mobility scores include an 85 walk score, a 70 transit score, and a 51 bike score. The owners have received a variance for construction of a five-story, 10-unit building, providing an approved development plan associated with the site.
The property is in Newark’s Upper Roseville section near the Belleville border and Branch Brook Park. Reported mobility scores include an 85 walk score, a 70 transit score, and a 51 bike score. The owners have received a variance for construction of a five-story, 10-unit building, providing an approved development plan associated with the site.
Key Highlights
- Fully occupied 5‑unit apartment building
- Unit mix includes three 2‑bedroom and two 1‑bedroom apartments
- Fenced parking lot with room for 5 cars
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$79,988
Cap Rate
6.40%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,599,760
$1.6M
Cap Rate 7%
$1,142,686
$1.1M
Cap Rate 9%
$888,756
$888.8K
Market Conditions
NOI Build-Up for 5,218 SF
Gross rent
$153.4K $29.40/SF
− Vacancy
−$8.0K −$1.53/SF
EGI
$145.4K $27.87/SF
− OpEx
−$65.4K −$12.54/SF
NOI
$80.0K $15.33/SF
Area
ZIP 07107
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,599,760
Cap Rate 7%
$1,142,686
Cap Rate 9%
$888,756
Alternative Uses
Best Use
Apartment 5plus
$1.14M
$999.9K – $1.33M
NOI $79,988 @ 7.0% cap · market cap 6.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.04M
$1.79M – $2.38M
NOI $142,890 @ 7.0% cap · market cap 11.43%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,449
Businesses Nearby
Explore this area
Business Placement
Demographics for 07107, NJ
41,627
Population
16,084
Households
2.6
Avg Household Size
33
Median Age
13%
College-Educated
77%
High-School Grad
1.6 sq mi
ZIP Area
26,017
Density / Sq Mi
$49,892
Median Household Income
$35,700
Median Earnings
$1,259
Median Rent
$353,300
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
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied apartment property with a fenced parking lot and approved variance for expanded residential development.
Where is this apartment building located?
The property is located at 531 Bloomfield Ave Newark, NJ.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Fully occupied 5‑unit apartment building; Unit mix includes three 2‑bedroom and two 1‑bedroom apartments; Fenced parking lot with room for 5 cars
