Building Details

Building Size 2,570 SF

Stories 2

Units 4

Listing Agency: Realty 33, LLC Show Phone

Listed By: Onyemaechi Okafor Show Phone

Source: Cammarotarealestate

Added: Aug 19 Changed: Oct 22 Last Checked: Oct 22 at 2:29PM

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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 Realty 33, LLC

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Investment Insights

Based on property information with market context.

This commercial land parcel at 721 Springfield Ave in Newark measures 2,570 square feet and is zoned Commercial. The property is being sold as-is, with municipal certificates, variances, and other due diligence the buyer’s responsibility.

The site is within a municipal redevelopment zone. Two nearby land parcels are also identified as being within the redevelopment footprint.

Key Highlights

• 2,570‑square‑foot commercial land parcel
• Commercial zoning
• Located within a municipal redevelopment zone

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$41,209

Cap Rate

3.17%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$824,180 $824.2K

Cap Rate 7%

$588,700 $588.7K

Cap Rate 9%

$457,878 $457.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,570 SF

Gross rent

$64.8K $25.20/SF

− Vacancy

−$5.9K −$2.29/SF

EGI

$58.9K $22.91/SF

− OpEx

−$17.7K −$6.87/SF

NOI

$41.2K $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 Rate 5%

$824,180

Cap Rate 7%

$588,700

Cap Rate 9%

$457,878

Alternative Uses

Best Use

Retail

$588.7K

$515.1K – $686.8K (±1% cap)

NOI $41,209 @ 7.0% cap · market cap 3.17%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$919.2K

$804.3K – $1.07M (±1% cap)

NOI $64,345 @ 7.0% cap · market cap 4.95%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Dori's Dominican Beauty ... Hair Salon Fancy Nails Nail Salon Sabrina Nail Salon Nail Salon Namhee Nail Salon Nail Salon

Suggested Use

Top Pick Real Estate Agency Law Firm Parking Lot & Garage Acupuncture Storage Facility Gym & Fitness Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,486

Businesses Nearby

125k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Dining 59% Shops & Services 27% Groceries 11% Electronics 3%

McDonald's Dining

36,530 visits/mo 0.2 miles

Dollar Tree Shops & Services

16,929 visits/mo 0.5 miles

Popeyes Louisiana Kitchen Dining

15,691 visits/mo 0.2 miles

Save-A-Lot Groceries

14,097 visits/mo 0.5 miles

BP Shops & Services

9,073 visits/mo 0.4 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

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Frequently Asked Questions

What type of property is this?

Commercial land - Commercial zoning supports consideration of a range of commercial uses, subject to buyer due diligence.

Where is this commercial land located?

The property is located at 721 Springfield Ave #721 Newark, NJ.

What is the asking price?

The asking price for this property is $1,300,000.

What are key features of this property?

This property features: 2,570‑square‑foot commercial land parcel; Commercial zoning; Located within a municipal redevelopment zone