Occupied Retail
For Sale
Contact for pricing
72 IRVINE TURNER BLVD, Newark, NJ 07103
Two occupied retail units are offered for sale with existing 5-year lease terms.
Property Size1,700 SF
Price / SF$441.18
Days on Market68
Property Features for 72 IRVINE TURNER BLVD
General Information
Standard status
Active
Size
1,700 SF
Class
B
Property subtype
Retail
Zoning
R4
Occupancy
100%
Lease Type
NN
Investment Type
Stabilized
Net Operating Income
$59,500
Additional Details
Cap Rate
8%
Building Details
Year Renovated
2026
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
IPRG Investment Property Realty Group
Listed By:
Yanni Marmarou · License #0900170
Source:
Crexi
Added: Jun 30
Changed: Aug 21
Last Checked: Sep 4 at 3:24PM
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.
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
$27,259
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
3.63%
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%
$545,180
$545.2K
Cap Rate 7%
$389,414
$389.4K
Cap Rate 9%
$302,878
$302.9K
Market Conditions
NOI Build-Up for 1,700 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
$42.8K $25.20/SF
− Vacancy
−$3.9K −$2.29/SF
EGI
$38.9K $22.91/SF
− OpEx
−$11.7K −$6.87/SF
NOI
$27.3K $16.03/SF
Area
ZIP 07103
Vacancy
9.10%
Lease Rate
$25.20 /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%
$545,180
Cap Rate 7%
$389,414
Cap Rate 9%
$302,878
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,845
Businesses Nearby
211k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 43%
Groceries 33%
Shops & Services 22%
Apparel 1%
ShopRite
Groceries
69,926 visits/mo
0.4 miles
McDonald's
Dining
28,705 visits/mo
0.3 miles
Dunkin' Donuts
Dining
20,567 visits/mo
0.3 miles
Dollar Tree
Shops & Services
16,256 visits/mo
0.2 miles
SONIC Drive In
Dining
15,836 visits/mo
0.2 miles
Demographics for 07103, NJ
39,439
Population
13,832
Households
2.9
Avg Household Size
30
Median Age
21%
College-Educated
81%
High-School Grad
2.2 sq mi
ZIP Area
17,927
Density / Sq Mi
$42,397
Median Household Income
$34,278
Median Earnings
$1,289
Median Rent
$259,300
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
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.
