Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Renovated Office Space For Lease Title is generated by Realmo AI

    654 Mount Prospect Ave, Newark, NJ 07104

    View on Map
    Claim this Listing
    For Lease
    $4,000/Mo $32 SF/Yr (calc)

    Commercial space in Northward district, suitable for professional uses.

    Type:Commercial
    Property size:
    1,500 SF
    Added:
    Mar 25, 2026
    Days on Market:
    70
    Last Refresh:
    Apr 1 at 8:53 pm

    Property Features for 654 Mount Prospect Ave

    General Information

    Standard status
    Active
    Size
    1,500 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    9999

    We can help!

    Listing Contact
    CARMEN JIMENEZ

    Listing agent CARMEN JIMENEZ License #9911046

    Listing office RE/MAX PROFESSIONALS I

    Listing date Mar 25, 2026

    Source Corcoran

    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

    HighLights

    • Fully renovated 1,500 sq ft interior space
    • Ideally located near public transportation
    • On‑site parking
    • Elevator access
    • Private restroom
    • Suited for a variety of professional uses

    Overview

    This commercial space for lease is located in the Northward district and offers approximately 1,500 sq ft of fully renovated interior space. The building provides elevator access, on-site parking, and a private restroom. The location is near public transportation. It is suited for a variety of professional uses, including a physical therapy practice, medical or doctor’s office, wellness center, accounting firm, law office, yoga or Pilates studio, and more.
    Location Intelligence

    Current Use by Public Records

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

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Newark
    County
    Essex
    State
    New Jersey
    Longitude
    -74.1665511
    Latitude
    40.7745297

    Nearby Similar for Lease

    • $3,000/Mo
      150,050 SF

      Retail Space in Newark City

      1500 sq ft retail space in high-traffic Newark location.
      650 Mount Prospect Ave, Newark City, NJ 07104-5908
      View Details
    • $1,900/Mo

      Commercial Property in Newark's Ironbound

      Commercial property in Newark's Ironbound, suitable for various business uses.
      43 Merchant St, Newark City, NJ 07105-2814
      View Details
    • $1,000/Mo

      Commercial Property in Newark's Ironbound

      Commercial property in Newark's Ironbound section, suitable for various businesses.
      43 Merchant St, Newark City, NJ 07105-2814
      View Details
    • $1,250/Mo

      Prime Commercial Space in Newark

      Commercial property in Newark's Ironbound, flexible options for businesses.
      43 Merchant St, Newark City, NJ 07105-2814
      View Details
    • $2,500/Mo
      19,256 SF

      Newark City Commercial Units For Rent

      Four commercial units available for rent in Newark City, NJ.
      536-540 Central Ave, Newark City, NJ 07107-1420
      View Details
    • $4,000/Mo
      1,500 SF

      Renovated Commercial Space, Newark City

      1,500 sq ft renovated commercial space for lease.
      654 Mount Prospect Ave, Newark City, NJ 07104-3110
      View Details
    • $1,350/Mo
      1,400 SF

      Prime Newark City Commercial Space

      Versatile 1,400 sq ft commercial space in high-growth Newark neighborhood.
      402 Hawthorne Ave, Newark City, NJ 07112-1643
      View Details
    • $4,000/Mo
      19,256 SF

      Newark City Commercial Units For Rent

      Four commercial units available for rent in Newark City, NJ.
      536-540 Central Ave, Newark City, NJ 07107-1420
      View Details
    • $1,650/Mo

      Newark City Commercial Space Available

      Commercial space in a dynamic, walkable Newark City location.
      15 Warren St, Newark City, NJ 07102-3088
      View Details
    • $3,500/Mo

      Renovated Commercial Space in Newark

      Move-in-ready commercial storefront in a growing Newark neighborhood.
      81 Tremont Ave, Newark City, NJ 07106-1229
      View Details
    • $16,750/Mo
      22,024 SF

      Newark Industrial Space For Lease

      Versatile industrial facility in Newark's Ironbound section, ideal for various operations.
      370 -376 Adams St, Newark City, NJ 07114-2902
      View Details
    • $1,800/Mo
      1,000 SF

      Newark City Office Space Available

      New construction office space for rent in Newark City.
      76 Pacific St, Newark City, NJ 07105-1604
      View Details

    FAQs

    What type of property is this?
    Office units - Commercial space in Northward district, suitable for professional uses.
    Where is this office units located?
    The property is located at 654 Mount Prospect Ave Newark, NJ.
    What is the lease rate?
    The lease rate is $4,000 /Mo.
    What are key features of this property?
    This property features: Fully renovated 1,500 sq ft interior space; Ideally located near public transportation; On‑site parking
    (973) 450-4000
    We can help!
    Listing Contact
    CARMEN JIMENEZ
    Real Estate License ID: 9911046
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    654 Mount Prospect Ave, Newark City, NJ 07104
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!