Mixed-Use Property with Restaurant
For Sale
$3,000,000
571 Bloomfield Ave, Montclair, NJ 07042
Mixed-use property featuring a restaurant and six apartments.
Property Size10,000 SF
Price / SF$300
Days on Market142
Property Features for 571 Bloomfield Ave
General Information
Standard status
Active
Size
10,000 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$37,512
Amenities
Central air
Baseboard - Electric Heating
Central Air Cooling
Flat Roof
Parking Lot-Shared
Wall A/C Unit(s) Cooling
Building Details
Year Built
1928
Listing Agency:
VILLAGE SQUARE REALTORS
(973) 509-2222
Listed By:
HARRY SAHLMAN
Source:
Corcoran
Added: Mar 24
Changed: Aug 10
Last Checked: Aug 11 at 8:11AM
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 VILLAGE SQUARE REALTORS
Investment Insights
Based on property information with market context.
This mixed-use property features a restaurant space and six apartments. The restaurant is currently operating under a 10-year lease, with two five-year options, and is in its second year. The commercial lease includes annual rent increases of 3%. The six apartments benefit from a desirable location, facilitating easy rental. The property size is 10000 square feet.
Key Highlights
- Restaurant has a long‑term lease (10 years with two 5‑year options).
- Commercial lease includes annual 3% rent increases.
- Six apartments provide rental income.
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
$153,780
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
5.13%
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%
$3,075,600
$3.1M
Cap Rate 7%
$2,196,857
$2.2M
Cap Rate 9%
$1,708,667
$1.7M
Market Conditions
NOI Build-Up for 10,000 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
$300.0K $30.00/SF
− Vacancy
−$20.4K −$2.04/SF
EGI
$279.6K $27.96/SF
− OpEx
−$125.8K −$12.58/SF
NOI
$153.8K $15.38/SF
Area
Essex County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$3,075,600
Cap Rate 7%
$2,196,857
Cap Rate 9%
$1,708,667
Alternative Uses
Best Use
Apartment 5plus
$2.20M
$1.92M – $2.56M
NOI $153,780 @ 7.0% cap · market cap 5.13%
Second Best
Specialty Retail
$2.18M
$1.91M – $2.55M
NOI $152,928 @ 7.0% cap · market cap 5.10%
Theoretical Best
Office A
$2.61M
$2.28M – $3.05M
NOI $182,784 @ 7.0% cap · market cap 6.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,738
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07042, NJ
27,384
Population
11,682
Households
2.3
Avg Household Size
39
Median Age
67%
College-Educated
96%
High-School Grad
3.8 sq mi
ZIP Area
7,206
Density / Sq Mi
$127,083
Median Household Income
$75,856
Median Earnings
$2,017
Median Rent
$733,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Touch Bayou Catering — Montclair, NJ 07042
- Kei Kabob — 410 bloomfield ave, montclair, nj 07042
- SandwichPlatters.net — 45 bloomfield ave, verona, nj 07044
- Baltimore North — 1 Lackawanna Plaza, Montclair, NJ 07042
- Kawai Mahi Mahi Executive Catering — 18-20 Lackawanna Plaza suite 300, Montclair, NJ 07042
Frequently Asked Questions
What type of property is this?
Restaurant - Mixed-use property featuring a restaurant and six apartments.
Where is this restaurant located?
The property is located at 571 Bloomfield Ave Montclair, NJ.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Restaurant has a long‑term lease (10 years with two 5‑year options).; Commercial lease includes annual 3% rent increases.; Six apartments provide rental income.
