Apartment Building with Fenced
For Sale
$1,250,000
531 Bloomfield Ave #1, Newark, NJ 07107
C2 zoning and an approved variance for a five-story, 10-unit redevelopment shape the property's current configuration and future plans.
Property Size5,218 SF
Price / SF$239.56
Days on Market107
Property Features for 531 Bloomfield Ave #1
General Information
Standard status
Active
Size
5,218 SF
Total Parking Spaces
5
Property subtype
Commercial
Zoning
C2
Occupancy
100%
Site & Location
Neighborhood
Upper Roseville
Utilities to Site
Yes
Units
Unit Mix
3 x 2BR, 2 x 1BR
Multifamily Units
5
Building Details
Building Size
5,218 SF
Year Built
1920
Buildings
1
Stories
2
Units
5
Listing Agency:
Coldwell Banker Realty
(973) 233-2300
Listed By:
Donn McDonald
(973) 233-2034
Source:
Cammarotarealestate
Added: Jul 10
Changed: Oct 22
Last Checked: Oct 22 at 2:16PM
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 apartment property has a fenced parking area with room for 5 cars. The building has 5 electric/gas meters and 5 water heaters. A new roof was installed in August 2026.
The property is zoned C2 and has received a variance for a five-story, 10-unit building. The existing improvements and approved redevelopment plan provide distinct paths for the site's next use.
The property is zoned C2 and has received a variance for a five-story, 10-unit building. The existing improvements and approved redevelopment plan provide distinct paths for the site's next use.
Key Highlights
- Approved variance for a five‑story, 10‑unit building
- Fenced parking area accommodates 5 cars
- 5 electric/gas meters and 5 water heaters
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.
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Open Analytics
Lease Details
5
Residential units
100%
Occupancy
Yes
Utilities to site
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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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - C2 zoning and an approved variance for a five-story, 10-unit redevelopment shape the property's current configuration and future plans.
Where is this apartment building located?
The property is located at 531 Bloomfield Ave #1 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: Approved variance for a five‑story, 10‑unit building; Fenced parking area accommodates 5 cars; 5 electric/gas meters and 5 water heaters
