Mixed-Use Property in Forest
For Sale
$1,225,000
660 Mount Prospect Ave, Newark, NJ 07104
Fully leased mixed-use property in Newark's Forest Hills neighborhood.
Property Size4,373 SF
Lot Size0.10 Acres
Price / SF$280.13
Days on Market447
Property Features for 660 Mount Prospect Ave
General Information
Standard status
Active
Size
4,373 SF
Lot size
0.10 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,196
Amenities
Central air
1 Unit Cooling
4+ Units Heating
Flat Roof
Building Details
Year Built
1940
Listing Agency:
RE/MAX VILLA REALTORS
(201) 868-3100
Listed By:
RICARDO GARCIA · License #0451450
Source:
Corcoran
Added: May 22, 2025
Changed: Aug 8
Last Checked: Aug 8 at 6:07AM
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 VILLA REALTORS
Investment Insights
Based on property information with market context.
Located in the Forest Hills section of Newark, New Jersey, this mixed-use property offers an investment opportunity. The property is fully leased and generates monthly income. Situated on a busy street, it allows for convenient access to public transportation, shopping, restaurants, schools, and parks. The property has a size of 4373 square feet.
Key Highlights
- Fully leased mixed‑use property generating monthly income.
- Located in the Forest Hills section of Newark, NJ.
- Situated on a busy street.
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
$66,415
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
5.42%
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%
$1,328,300
$1.3M
Cap Rate 7%
$948,786
$948.8K
Cap Rate 9%
$737,944
$737.9K
Market Conditions
NOI Build-Up for 4,373 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
$118.1K $27.00/SF
− Vacancy
−$11.8K −$2.70/SF
EGI
$106.3K $24.30/SF
− OpEx
−$39.8K −$9.11/SF
NOI
$66.4K $15.19/SF
Area
ZIP 07104
Vacancy
10.00%
Lease Rate
$27.00 /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%
$1,328,300
Cap Rate 7%
$948,786
Cap Rate 9%
$737,944
Alternative Uses
Best Use
Mixed Use
$948.8K
$830.2K – $1.11M
NOI $66,415 @ 7.0% cap · market cap 5.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,827 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,322
Businesses Nearby
Explore this area
Business Placement
Demographics for 07104, NJ
54,051
Population
21,762
Households
2.5
Avg Household Size
35
Median Age
21%
College-Educated
71%
High-School Grad
2.5 sq mi
ZIP Area
21,620
Density / Sq Mi
$51,199
Median Household Income
$36,139
Median Earnings
$1,343
Median Rent
$337,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased mixed-use property in Newark's Forest Hills neighborhood.
Where is this mixed-use property located?
The property is located at 660 Mount Prospect Ave Newark, NJ.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: Fully leased mixed‑use property generating monthly income.; Located in the Forest Hills section of Newark, NJ.; Situated on a busy street.
