Occupied Retail
72 IRVINE TURNER BLVD Newark, NJ 07103
72 IRVINE TURNER BLVD, Newark, NJ, 07103
Contact for pricing
For Sale
Contact for pricing
Two occupied retail units are offered for sale with existing 5-year lease terms.
Property Size1,700 SF
Price / SF$441.18
Days on Market23
Property Features for 72 IRVINE TURNER BLVD
General Information
- Standard status
- Active
- Size
- 1,700 SF
- Property subtype
- Retail
Listing agency
IPRG Investment Property Realty Group
Listed by
Yanni Marmarou · License #0900170
Source
Crexi
Added: Jun 30 Updated: Jul 21 at 1:56AM Checked: Jul 21 at 7:59AM
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 IPRG Investment Property Realty Group
Investment Insights
Based on property information with market context.
The property consists of two occupied retail units. Both units are covered under 5-year lease terms, with lease coverage for some taxes.
The building is next door to new construction “Art of Newark” and high-density housing, which is expected to support consistent foot traffic.
The offering is presented with an 8% going-in cap rate, with the cap rate described as increasing to 9% at the end of the first lease term.
The building is next door to new construction “Art of Newark” and high-density housing, which is expected to support consistent foot traffic.
The offering is presented with an 8% going-in cap rate, with the cap rate described as increasing to 9% at the end of the first lease term.
Key Highlights
- Two occupied retail units for sale with existing 5‑year lease terms.
- Leases cover some of the taxes under the current 5‑year terms.
- Stated 8% going‑in cap rate, projected to grow to a 9% cap rate at the end of the first lease term.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $42.8k | $25.20 |
| − Vacancy | −$3.9k | −$2.29 |
| EGI | $38.9k | $22.91 |
| − OpEx | −$11.7k | −$6.87 |
| NOI | $27.3k | $16.03 |
1,700 SF · lease $25.20/SF/yr · vacancy 9.10% · expense 30.00%
Alternative Uses
Best Use
Retail
$389.4K
$340.7K – $454.3K
NOI $27,259 @ 7.0% cap · market cap 3.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$608.0K
$532.0K – $709.4K
NOI $42,563 @ 7.0% cap · market cap 5.68%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Couture Barr
Clothing Store
Sox It 2 ...
Clothing Store
NJ Jerk
Restaurant
Similar For Sale Nearby
Similar Off Market Nearby
- Newark Florist — 443-220 S 7th St, Newark, NJ 07103
- Floral Shop — Newark, NJ 07103
- Geneva Florist — 340 S 10th St, Newark, NJ 07103
FAQs
What type of property is this?
Storefront property - Two occupied retail units are offered for sale with existing 5-year lease terms.
Where is this storefront property located?
The property is located at 72 IRVINE TURNER BLVD Newark, NJ.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Two occupied retail units for sale with existing 5‑year lease terms.; Leases cover some of the taxes under the current 5‑year terms.; Stated 8% going‑in cap rate, projected to grow to a 9% cap rate at the end of the first lease term.
