Mixed-Use Property with Dry Cleaning
For Sale
$850,000
70 Park Ave #70, Newark, NJ 07104
Established commercial operation with residential accommodation, finished basement, and on-site parking.
Property Size2,300 SF
Days on Market64
Property Features for 70 Park Ave #70
General Information
Standard status
Active
Size
2,300 SF
Total Parking Spaces
7
Property subtype
Commercial
Zoning
R4
Additional Details
Business Included
Yes
Amenities
finished basement
Building Details
Building Size
2,300 SF
Year Built
1900
Stories
2
Units
2
Listing Agency:
Re/Max Central
(732) 943-4908
Listed By:
Rut Olivera · License #395083
(732) 943-4908
Source:
Betterhomerealestate
Added: Jun 28
Changed: Aug 29
Last Checked: Aug 29 at 11:17AM
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 Central
Investment Insights
Based on property information with market context.
Built in 1900, this mixed-use property combines an established dry cleaning business with a three-bedroom apartment on the upper level. The building also includes a finished basement, providing additional functional space for the property’s existing configuration. Seven parking spaces are available on site, supporting the commercial component and residential use.
The property is zoned R4 and is being offered as-is. The dry cleaning operation has been established for more than 20 years, and financial information is available to qualified buyers. The layout brings together a street-level business, an upstairs residence, basement space, and dedicated parking within one Newark property.
The property is zoned R4 and is being offered as-is. The dry cleaning operation has been established for more than 20 years, and financial information is available to qualified buyers. The layout brings together a street-level business, an upstairs residence, basement space, and dedicated parking within one Newark property.
Key Highlights
- Established dry cleaning business operating for more than 20 years
- Three‑bedroom apartment located above the commercial space
- Finished basement included in the building
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
$35,124
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
4.13%
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%
$702,480
$702.5K
Cap Rate 7%
$501,771
$501.8K
Cap Rate 9%
$390,267
$390.3K
Market Conditions
NOI Build-Up for 2,300 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
$55.2K $24.00/SF
− Vacancy
−$5.0K −$2.18/SF
EGI
$50.2K $21.82/SF
− OpEx
−$15.1K −$6.54/SF
NOI
$35.1K $15.27/SF
Area
ZIP 07104
Vacancy
9.10%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
30.00%
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%
$702,480
Cap Rate 7%
$501,771
Cap Rate 9%
$390,267
Alternative Uses
Best Use
Retail
$501.8K
$439.1K – $585.4K
NOI $35,124 @ 7.0% cap · market cap 4.13%
Second Best
Mixed Use
$499.0K
$436.6K – $582.2K
NOI $34,931 @ 7.0% cap · market cap 4.11%
Theoretical Best
Office A
$727.5K
$636.6K – $848.8K
NOI $50,926 @ 7.0% cap · market cap 5.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,763
Businesses Nearby
118k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 57%
Dining 35%
Hotels & Casinos 3%
Electronics 3%
Exxon
Shops & Services
17,016 visits/mo
0.4 miles
AutoZone
Shops & Services
13,201 visits/mo
0.5 miles
Burger King
Dining
11,362 visits/mo
0.4 miles
BP
Shops & Services
10,746 visits/mo
0.1 miles
Dunkin' Donuts
Dining
10,219 visits/mo
0.4 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
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Established commercial operation with residential accommodation, finished basement, and on-site parking.
Where is this mixed-use property located?
The property is located at 70 Park Ave #70 Newark, NJ.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Established dry cleaning business operating for more than 20 years; Three‑bedroom apartment located above the commercial space; Finished basement included in the building
