Mixed-Use Property with Retail
674 Mount Prospect Ave, Newark, NJ 07104
For Sale
$950,000
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 Market56
Property Features for 674 Mount Prospect Ave
General Information
Standard status
Size
Site & Location
Neighborhood
Additional Details
Multifamily Units
Listing Agency:
RE/MAX PROFESSIONALS I
Listed By:
CARMEN JIMENEZ · License #9911046
(973) 751-8800
Source:
Goldstandardrealty
Added: Sep 13
Changed: Oct 26
Last Checked: Oct 7 at 3:24PM
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.
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 / Yr
$54,805
Cap Rate
5.77%
Suggested Prices Based on Cap Rates
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
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 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.
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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
$337,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Mixed-use properties in Newark, NJ
Properties on Market for Mixed-use properties in Newark
Vacancy Rate% for Retail in Northeast region
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
