Mixed-Use Property with
For Sale
$850,000
70 Park Ave #70, Newark, NJ 07104
An operating dry-cleaning business shares the building with upstairs residential quarters and a finished basement.
Property Size2,300 SF
Price / SF$369.57
Days on Market118
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
Multifamily Units
1
Building Details
Building Size
2,300 SF
Year Built
1900
Stories
2
Units
2
Listing Agency:
Re/Max Central
(732) 972-1000
Listed By:
Rut Olivera · License #395083
(732) 943-4908
Source:
Cammarotarealestate
Added: Jun 28
Changed: Oct 22
Last Checked: Oct 22 at 2:19PM
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
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Investment Insights
Based on property information with market context.
This mixed-use property contains 2,300 square feet and combines an established dry-cleaning operation with a three-bedroom apartment on the upper level. A finished basement adds interior space, and the site includes seven parking spaces. The building dates to 1900 and carries R4 zoning.
The property is offered in as-is condition. Its configuration brings commercial space and an apartment together in one building, with on-site parking and basement area as additional physical features.
The property is offered in as-is condition. Its configuration brings commercial space and an apartment together in one building, with on-site parking and basement area as additional physical features.
Key Highlights
- Operating dry‑cleaning business with more than 20 years of history
- Upstairs three‑bedroom apartment
- 2,300 square feet with a finished basement
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,124
Cap Rate
4.13%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Lease Details
1
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - An operating dry-cleaning business shares the building with upstairs residential quarters and a finished basement.
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: Operating dry‑cleaning business with more than 20 years of history; Upstairs three‑bedroom apartment; 2,300 square feet with a finished basement
