Brick Mixed-Use Property with
For Sale
Contact for pricing
593 Ocean Ave, Jersey City, NJ 07305
Two first-floor commercial units and two second-floor residential units in a fully leased brick mixed-use building with separate utilities.
Property Size2,973 SF
Price / SF$302.39
Days on Market534
Property Features for 593 Ocean Ave
General Information
Standard status
Active
Size
2,973 SF
Property subtype
RETAIL
Occupancy
100%
Additional Details
Multifamily Units
2
Building Details
Stories
2
Construction
brick
Listing Agency:
Cervelli Real Estate & Property Management
(201) 868-6300
Listed By:
Gary Baez · License #1434899
(551) 200-3787
Source:
Moodyscre
Added: Apr 4, 2025
Changed: Sep 2
Last Checked: Sep 18 at 10:23AM
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 Cervelli Real Estate & Property Management
Investment Insights
Based on property information with market context.
This 2-story brick mixed-use property includes two commercial units on the first floor and two residential units on the second floor. The property also features an additional building with four garages and storage space. It is described as fully leased, with separate utilities.
Additional site details indicate the property is complemented by the garage and storage building, supporting a mixed-use setup across commercial and residential components.
Overall, the configuration provides income through both street-level retail space and above-floor residential units, along with dedicated accessory structures for parking and storage.
Additional site details indicate the property is complemented by the garage and storage building, supporting a mixed-use setup across commercial and residential components.
Overall, the configuration provides income through both street-level retail space and above-floor residential units, along with dedicated accessory structures for parking and storage.
Key Highlights
- 2‑story brick mixed‑use property with 2 commercial units on the first floor and 2 residential units on the second floor
- Fully leased property with separate utilities
- Additional building includes 4 garages and storage unit
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
$49,603
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
5.52%
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%
$992,060
$992.1K
Cap Rate 7%
$708,614
$708.6K
Cap Rate 9%
$551,144
$551.1K
Market Conditions
NOI Build-Up for 2,973 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
$87.4K $29.40/SF
− Vacancy
−$8.0K −$2.70/SF
EGI
$79.4K $26.70/SF
− OpEx
−$29.8K −$10.01/SF
NOI
$49.6K $16.68/SF
Area
Jersey City, NJ
Vacancy
9.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
37.50%
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%
$992,060
Cap Rate 7%
$708,614
Cap Rate 9%
$551,144
Alternative Uses
Best Use
Mixed Use
$708.6K
$620.0K – $826.7K
NOI $49,603 @ 7.0% cap · market cap 5.52%
Second Best
Retail
$701.8K
$614.1K – $818.8K
NOI $49,129 @ 7.0% cap · market cap 5.46%
Theoretical Best
Multifamily LT 5
$963.9K
$843.4K – $1.12M
NOI $67,473 @ 7.0% cap · market cap 7.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,661
Businesses Nearby
42k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 64%
Shops & Services 34%
Electronics 2%
McDonald's
Dining
13,505 visits/mo
0.3 miles
Dunkin' Donuts
Dining
11,288 visits/mo
0.3 miles
Family Dollar
Shops & Services
9,584 visits/mo
0.3 miles
Valero Energy
Shops & Services
2,561 visits/mo
0.2 miles
SUBWAY
Dining
1,784 visits/mo
0.5 miles
Demographics for 07305, NJ
67,947
Population
28,297
Households
2.4
Avg Household Size
36
Median Age
35%
College-Educated
88%
High-School Grad
5.7 sq mi
ZIP Area
11,921
Density / Sq Mi
$77,126
Median Household Income
$47,822
Median Earnings
$1,610
Median Rent
$418,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two first-floor commercial units and two second-floor residential units in a fully leased brick mixed-use building with separate utilities.
Where is this mixed-use property located?
The property is located at 593 Ocean Ave Jersey City, NJ.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 2‑story brick mixed‑use property with 2 commercial units on the first floor and 2 residential units on the second floor; Fully leased property with separate utilities; Additional building includes 4 garages and storage unit
