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 Market205
Property Features for 571 Bloomfield Ave
General Information
Standard status
Active
Size
10,000 SF
Building Details
Year Built
1928
Listing Agency:
VILLAGE SQUARE REALTORS
Listed By:
HARRY SAHLMAN, JEROME SAHLMAN · License #0018380
(973) 509-2222
Source:
Luminancerealty
Added: Mar 25
Changed: Oct 13
Last Checked: Oct 5 at 11:56PM
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 / Yr
$153,780
Cap Rate
5.13%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Similar Off Market Nearby
- Kawai Mahi Mahi Executive Catering — 18-20 Lackawanna Plaza suite 300, Montclair, NJ 07042
- Baltimore North — 1 Lackawanna Plaza, Montclair, NJ 07042
- Touch Bayou Catering — Montclair, NJ 07042
- Kei Kabob — 410 bloomfield ave, montclair, nj 07042
- SandwichPlatters.net — 45 bloomfield ave, verona, nj 07044
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.
