Building Details

Building Size 5,000 SF

Stories 3

Units 4

Tenancy Multi

Listing Agency: Re/Max Professionals I

Listed By: Carmen Jimenez · License #9911046 Show Phone

Source: Culturaunitedrealty

Added: Sep 16 Changed: Oct 23 Last Checked: Oct 23 at 5:35PM

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Investment Insights

Based on property information with market context.

This mixed-use property combines approximately 2,880 square feet of grocery and retail space with three renovated apartments. The first floor includes a one-bedroom unit with living and dining areas, a kitchen, and a full bathroom. Two additional apartments occupy the second floor; each has two bedrooms, living and dining areas, a kitchen, and a full bathroom. The commercial area includes shelving, exterior signage, a three-door refrigerator, deli service equipment, refrigerated prep tables, a self-ordering kiosk, security systems, and LED displays.

A side parking lot is used for truck parking. The property is at 566 Hawthorne Ave in Newark and is zoned COM.

Key Highlights

• Approximately 2,880 square feet of grocery and retail space
• Three renovated apartments: one 1‑bedroom unit and two 2‑bedroom units
• Retail equipment includes a three‑door refrigerator, deli station, refrigerated prep tables, and self‑ordering kiosk

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$95,445

Cap Rate

8.68%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,908,900 $1.9M

Cap Rate 7%

$1,363,500 $1.4M

Cap Rate 9%

$1,060,500 $1.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,000 SF

Gross rent

$150.0K $30.00/SF

− Vacancy

−$13.7K −$2.73/SF

EGI

$136.4K $27.27/SF

− OpEx

−$40.9K −$8.18/SF

NOI

$95.4K $19.09/SF

Area

Newark, NJ

Vacancy

9.10%

Lease Rate

$30.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,908,900

Cap Rate 7%

$1,363,500

Cap Rate 9%

$1,060,500

Alternative Uses

Best Use

Specialty Retail

$1.54M

$1.35M – $1.79M (±1% cap)

NOI $107,640 @ 7.0% cap · market cap 9.79%

Second Best

Retail

$1.36M

$1.19M – $1.59M (±1% cap)

NOI $95,445 @ 7.0% cap · market cap 8.68%

Theoretical Best

Office A

$1.77M

$1.55M – $2.07M (±1% cap)

NOI $124,010 @ 7.0% cap · market cap 11.27%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Grocery and convenience stores

Suggested Use

Top Pick Real Estate Agency Law Firm Acupuncture Skin Care Clinic Parking Lot & Garage Nursing Home

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

1,621

Businesses Nearby

Explore this area Business Placement

Demographics for 07112, NJ

29,773

Population

11,779

Households

2.5

Avg Household Size

34

Median Age

18%

College-Educated

86%

High-School Grad

1.4 sq mi

ZIP Area

21,266

Density / Sq Mi

$55,171

Median Household Income

$35,709

Median Earnings

$1,334

Median Rent

$306,100

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Three renovated apartments sit alongside a substantial grocery and retail space with installed store equipment.

Where is this mixed-use property located?

The property is located at 566 Hawthorne Ave #1-4 Newark, NJ.

What is the asking price?

The asking price for this property is $1,100,000.

What are key features of this property?

This property features: Approximately 2,880 square feet of grocery and retail space; Three renovated apartments: one 1‑bedroom unit and two 2‑bedroom units; Retail equipment includes a three‑door refrigerator, deli station, refrigerated prep tables, and self‑ordering kiosk