Mixed-Use Property with Retail
New
For Sale
$950,000
674 Mount Prospect Ave, Newark, NJ 07104
Mixed-use building combines a retail storefront with two residential apartments near transportation, shopping, restaurants, and neighborhood amenities.
Property Size3,500 SF
Price / SF$271.43
Days on Market2
Property Features for 674 Mount Prospect Ave
General Information
Standard status
Active
Size
3,500 SF
Additional Details
Multifamily Units
2
Listing Agency:
RE/MAX PROFESSIONALS I
Listed By:
CARMEN JIMENEZ · License #9911046
(973) 450-4000
Source:
Goldstandardrealty
Added: Sep 13
Last Checked: Sep 14 at 3:47PM
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
Investment Insights
Based on property information with market context.
Located at 674 Mount Prospect Ave in Newark’s North Ward business district, this mixed-use property combines commercial and residential components within one building. The asset includes an approximately 1,800-square-foot retail storefront along with two residential apartments, creating a configuration suited to a combination of storefront and apartment occupancy.
The property is positioned near NYC transportation, shopping centers, restaurants, and other local amenities. With a total property size of 3,500 square feet, the building offers both retail space and residential units in an established urban business setting.
The property is positioned near NYC transportation, shopping centers, restaurants, and other local amenities. With a total property size of 3,500 square feet, the building offers both retail space and residential units in an established urban business setting.
Key Highlights
- Approximately 1,800‑square‑foot retail storefront
- Two residential apartments included
- 3,500‑square‑foot property
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
$54,805
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
5.77%
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%
$1,096,100
$1.1M
Cap Rate 7%
$782,929
$782.9K
Cap Rate 9%
$608,944
$608.9K
Market Conditions
NOI Build-Up for 3,500 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
$105.0K $30.00/SF
− Vacancy
−$5.4K −$1.53/SF
EGI
$99.6K $28.47/SF
− OpEx
−$44.8K −$12.81/SF
NOI
$54.8K $15.66/SF
Area
ZIP 07104
Vacancy
5.10%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,096,100
Cap Rate 7%
$782,929
Cap Rate 9%
$608,944
Alternative Uses
Best Use
Apartment 5plus
$782.9K
$685.1K – $913.4K
NOI $54,805 @ 7.0% cap · market cap 5.77%
Second Best
Retail
$763.6K
$668.1K – $890.8K
NOI $53,449 @ 7.0% cap · market cap 5.63%
Theoretical Best
Office A
$1.11M
$968.7K – $1.29M
NOI $77,497 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,329
Businesses Nearby
77k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 62%
Groceries 23%
Shops & Services 12%
Electronics 2%
McDonald's
Dining
28,803 visits/mo
0.3 miles
Twin City Supermarket
Groceries
18,022 visits/mo
0.3 miles
White Castle
Dining
10,051 visits/mo
0.2 miles
Dunkin' Donuts
Dining
7,803 visits/mo
0.3 miles
Dollar General
Shops & Services
6,970 visits/mo
0.3 miles
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
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 - Mixed-use building combines a retail storefront with two residential apartments near transportation, shopping, restaurants, and neighborhood amenities.
Where is this mixed-use property located?
The property is located at 674 Mount Prospect Ave Newark, NJ.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Approximately 1,800‑square‑foot retail storefront; Two residential apartments included; 3,500‑square‑foot property
