Renovated Mixed-Use Building with
For Sale
$2,300,000
72-74 ELM ROAD Unit 72, Newark, NJ 07105
Corner property combines a licensed restaurant and bar with three updated apartments in Newark’s Ironbound district.
Property Size10,000 SF
Price / SF$230
Days on Market360
Property Features for 72-74 ELM ROAD Unit 72
General Information
Standard status
Active
Size
10,000 SF
Total Parking Spaces
30
Property subtype
General Commercial
Restaurant
Commercial Hood
Yes
Equipment Included
Yes
Liquor License
Yes
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$17,879
Amenities
Window Air Conditioning
3
Tile, Concrete, Wood
Flat, Rubber
Mixed Use
Parking. Corner Lot.
30 Parking Spaces. On Street, Lot.
Level
50x100
Handicapped Access, Storage Area. Central Business District, Corner, Level.
Building Details
Year Built
1950
Buildings
1
Listing Agency:
KELLER WILLIAMS PARK VIEWS
(908) 425-1875
Listed By:
SANDRA OLIVEIRA · License #1751574
(908) 425-1875
Source:
Xome
Added: Sep 4, 2025
Changed: Aug 29
Last Checked: Aug 29 at 5:59PM
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 KELLER WILLIAMS PARK VIEWS
Investment Insights
Based on property information with market context.
This 10,000-square-foot mixed-use building, constructed in 1950, includes a restaurant and bar on the lower level with three residential apartments above. The apartments comprise two three-bedroom, one-bath units and one two-bedroom, one-bath unit. The residential spaces are leased month-to-month, while the restaurant space is vacant. A liquor license, operating licenses, and inventory are included in the sale.
The restaurant and bar were renovated within the past year with new flooring, bar fixtures, furniture, hood system, three AC units, sound equipment, televisions, security cameras, and designer ceilings. The corner property is located at 72-74 Elm Road in Newark’s Ironbound district, near Six Corners, and carries Central Business District context. Parking for 30 cars is provided under a long-term lease. The site measures 50x100 and includes a flat rubber roof, storage area, handicapped access, and a mix of tile, concrete, and wood finishes.
The restaurant and bar were renovated within the past year with new flooring, bar fixtures, furniture, hood system, three AC units, sound equipment, televisions, security cameras, and designer ceilings. The corner property is located at 72-74 Elm Road in Newark’s Ironbound district, near Six Corners, and carries Central Business District context. Parking for 30 cars is provided under a long-term lease. The site measures 50x100 and includes a flat rubber roof, storage area, handicapped access, and a mix of tile, concrete, and wood finishes.
Key Highlights
- 10,000‑square‑foot mixed‑use building with restaurant and bar plus three apartments
- Residential mix includes two 3BR/1BA units and one 2BR/1BA unit
- Restaurant and bar renovated within the past year
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
$182,160
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
7.92%
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%
$3,643,200
$3.6M
Cap Rate 7%
$2,602,286
$2.6M
Cap Rate 9%
$2,024,000
$2.0M
Market Conditions
NOI Build-Up for 10,000 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
$264.0K $26.40/SF
− Vacancy
−$21.1K −$2.11/SF
EGI
$242.9K $24.29/SF
− OpEx
−$60.7K −$6.07/SF
NOI
$182.2K $18.22/SF
Area
ZIP 07105
Vacancy
8.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$3,643,200
Cap Rate 7%
$2,602,286
Cap Rate 9%
$2,024,000
Alternative Uses
Best Use
Specialty Retail
$2.60M
$2.28M – $3.04M
NOI $182,160 @ 7.0% cap · market cap 7.92%
Second Best
Multifamily LT 5
$2.40M
$2.10M – $2.80M
NOI $167,862 @ 7.0% cap · market cap 7.30%
Theoretical Best
Office A
$3.58M
$3.13M – $4.17M
NOI $250,368 @ 7.0% cap · market cap 10.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Commercial hood
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
2,949
Businesses Nearby
Explore this area
Business Placement
Demographics for 07105, NJ
50,870
Population
20,608
Households
2.5
Avg Household Size
35
Median Age
15%
College-Educated
70%
High-School Grad
4.6 sq mi
ZIP Area
11,059
Density / Sq Mi
$55,752
Median Household Income
$33,175
Median Earnings
$1,600
Median Rent
$445,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Corner property combines a licensed restaurant and bar with three updated apartments in Newark’s Ironbound district.
Where is this mixed-use property located?
The property is located at 72-74 ELM ROAD Unit 72 Newark, NJ.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 10,000‑square‑foot mixed‑use building with restaurant and bar plus three apartments; Residential mix includes two 3BR/1BA units and one 2BR/1BA unit; Restaurant and bar renovated within the past year
