For sale
Office Units
NJ
Newark
07104
654 Mount Prospect Ave

Renovated Office Unit

For Sale

Contact for pricing

654 Mount Prospect Ave, Newark, NJ 07104

Fully renovated commercial space with elevator access, parking, and a private restroom.

Property Size1,500 SF

Price / SF$2.67

Days on Market87

Property Features for 654 Mount Prospect Ave

General Information

Standard status Active

Size 1,500 SF

Elevators Yes

Additional Details

Public Transit Yes

Amenities

private restroom

Listing Agency: RE/MAX PROFESSIONALS I

Listed By: CARMEN JIMENEZ · License #9911046

Source: Luminancerealty

Added: Jul 28 Changed: Oct 9 Last Checked: Oct 21 at 12:44AM

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 RE/MAX PROFESSIONALS I

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Investment Insights

Based on property information with market context.

This approximately 1,500 sq ft office unit offers a fully renovated interior designed for professional occupancy. The building provides elevator access, on-site parking, and a private restroom for occupant and visitor convenience.

Situated at 654 Mount Prospect Ave in Newark City, the property is near public transportation, providing access for clients and staff. The space is suited to professional applications identified in the listing, including physical therapy, medical or doctor’s office use, wellness services, accounting, legal services, and yoga or Pilates instruction.

Key Highlights

Approximately 1,500 sq ft of fully renovated interior space
Elevator access within the building
On‑site parking

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$19,872

Suggested Prices Based on Cap Rates

Cap Rate 5%

$397,440 $397.4K

Cap Rate 7%

$283,886 $283.9K

Cap Rate 9%

$220,800 $220.8K

Market Conditions

NOI Build-Up for 1,500 SF

Gross rent

$36.0K $24.00/SF

− Vacancy

−$2.9K −$1.92/SF

EGI

$33.1K $22.08/SF

− OpEx

−$13.2K −$8.83/SF

NOI

$19.9K $13.25/SF

Area

ZIP 07104

Vacancy

8.00%

Lease Rate

$24.00 /SF/Yr

Expense Ratio

40.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$397,440

Cap Rate 7%

$283,886

Cap Rate 9%

$220,800

Alternative Uses

Best Use

Office B

$321.0K

$280.9K – $374.5K (±1% cap)

NOI $22,469 @ 7.0% cap · market cap 561.73%

Second Best

Healthcare Medical

$283.9K

$248.4K – $331.2K (±1% cap)

NOI $19,872 @ 7.0% cap · market cap 496.80%

Theoretical Best

Office A

$474.5K

$415.2K – $553.6K (±1% cap)

NOI $33,213 @ 7.0% cap · market cap 830.33%

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

Property Analytics

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Current Use

Dr. Claudia E. ... Physician Dr. Javier Ponce ... Physician MT. Prospect Pharmacy Pharmacy Power House Psychotherapy ... Medical Clinic Manthan Patel Physician