Listing Agency: EXP REALTY, LLC Show Phone

Listed By: CARLIE CARREIRA · License #0454535 Show Phone

Source: Exprealty

Added: Mar 5 Changed: Oct 17 Last Checked: Oct 16 at 3:25PM

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Investment Insights

Based on property information with market context.

Located next to the new Lionsgate Studio development, this mixed-use commercial building in Newark presents an opportunity to own a property featuring a blend of commercial and residential spaces. The well-maintained building includes a cigar lounge on the ground floor, along with a spacious warehouse suitable for storage, logistics, or business operations. The property also features six residential units, providing rental income and long-term investment potential. Situated in a prime area of Newark, the property benefits from high foot traffic, visibility, and proximity to public transportation, major highways, and shopping centers. The property offers versatility, income, and location. The building's property size is 11650 square feet.

Key Highlights

• Prime Newark location next to the new Lionsgate Studio Development.
• Six income‑producing residential units provide steady rental income.
• Includes an established cigar lounge, offering a unique amenity.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$119,839

Cap Rate

8.26%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,396,780 $2.4M

Cap Rate 7%

$1,711,986 $1.7M

Cap Rate 9%

$1,331,544 $1.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 11,650 SF

Gross rent

$181.7K $15.60/SF

− Vacancy

−$10.5K −$0.90/SF

EGI

$171.2K $14.70/SF

− OpEx

−$51.4K −$4.41/SF

NOI

$119.8K $10.29/SF

Area

Newark, NJ

Vacancy

5.80%

Lease Rate

$15.60 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,396,780

Cap Rate 7%

$1,711,986

Cap Rate 9%

$1,331,544

Alternative Uses

Best Use

Retail

$3.18M

$2.78M – $3.71M (±1% cap)

NOI $222,387 @ 7.0% cap · market cap 15.34%

Second Best

Mixed Use

$2.65M

$2.32M – $3.09M (±1% cap)

NOI $185,672 @ 7.0% cap · market cap 12.80%

Theoretical Best

Office A

$4.13M

$3.61M – $4.82M (±1% cap)

NOI $288,944 @ 7.0% cap · market cap 19.93%

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

Property Analytics

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Current Use

Charrua tire service Auto Repair Shop

Suggested Use

Top Pick Law Firm Dental Office Real Estate Agency Spa & Massage Center Skin Care Clinic Accounting Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

444

Businesses Nearby

Explore this area Business Placement

Demographics for 07114, NJ

17,767

Population

4,694

Households

3.8

Avg Household Size

39

Median Age

9%

College-Educated

69%

High-School Grad

7.9 sq mi

ZIP Area

2,249

Density / Sq Mi

$34,167

Median Household Income

$35,916

Median Earnings

$616

Median Rent

$384,700

Median Home Value

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Mixed-use building with commercial and residential spaces in prime Newark.

Where is this mixed-use property located?

The property is located at 699 Frelinghuysen Ave Newark, NJ.

What is the asking price?

The asking price for this property is $1,450,000.

What are key features of this property?

This property features: Prime Newark location next to the new Lionsgate Studio Development.; Six income‑producing residential units provide steady rental income.; Includes an established cigar lounge, offering a unique amenity.