Storefront Property in Redevelopment
For Sale
$1,300,000
721 Springfield Ave, Newark, NJ 07103
Commercial/mixed-use zoning and walkable access define this existing storefront opportunity.
Property Size2,570 SF
Days on Market8
Property Features for 721 Springfield Ave
General Information
Standard status
Active
Size
2,570 SF
Property subtype
Commercial
Additional Details
Asking Price
$1,300,000
Taxes and HOA fees
Annual Taxes
$7,998
Building Details
Building Size
2,570 SF
Stories
2
Units
4
Listing Agency:
Listed By:
ONYEMAECHI OKAFOR
Source:
Elliman
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 26 at 9:24AM
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 ONYEMAECHI OKAFOR
Investment Insights
Based on property information with market context.
This storefront property at 721 Springfield Ave is being offered in its existing condition. The site falls within a municipal redevelopment zone and is subject to commercial/mixed-use zoning. The sale is strictly AS-IS, with the buyer responsible for municipal certificates, variances, and due diligence.
Two surrounding land parcels are also within the redevelopment footprint. The property has a Walk Score of 71, a Transit Score of 57, and a Bike Score of 42, reflecting walkable access, available transit, and moderate bicycle accessibility. The Newark location places the storefront within an area identified for municipal redevelopment.
Two surrounding land parcels are also within the redevelopment footprint. The property has a Walk Score of 71, a Transit Score of 57, and a Bike Score of 42, reflecting walkable access, available transit, and moderate bicycle accessibility. The Newark location places the storefront within an area identified for municipal redevelopment.
Key Highlights
- 721 Springfield Ave, Newark, NJ 07103‑1074
- Located within a municipal redevelopment zone
- Two surrounding plots are also within the redevelopment footprint
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
$41,209
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
3.17%
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%
$824,180
$824.2K
Cap Rate 7%
$588,700
$588.7K
Cap Rate 9%
$457,878
$457.9K
Market Conditions
NOI Build-Up for 2,570 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
$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 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%
$824,180
Cap Rate 7%
$588,700
Cap Rate 9%
$457,878
Alternative Uses
Best Use
Retail
$588.7K
$515.1K – $686.8K
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
NOI $64,345 @ 7.0% cap · market cap 4.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,486
Businesses Nearby
125k
Monthly Visits Nearby
Under-served
Demand for This Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Floreria — 66 Cypress St, Newark, NJ 07108
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- Newark Florist — 443-220 S 7th St, Newark, NJ 07103
Frequently Asked Questions
What type of property is this?
Storefront property - Commercial/mixed-use zoning and walkable access define this existing storefront opportunity.
Where is this storefront property located?
The property is located at 721 Springfield Ave 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: 721 Springfield Ave, Newark, NJ 07103‑1074; Located within a municipal redevelopment zone; Two surrounding plots are also within the redevelopment footprint
