Multi-Tenant Retail Corner
For Sale
Contact for pricing
763 IRVINGTON AVE, Newark, NJ 07106
Fully leased retail corner property with dedicated parking and frontage on Irvington Avenue.
Property Size5,100 SF
Price / SF$196.08
Days on Market121
Property Features for 763 IRVINGTON AVE
General Information
Standard status
Active
Size
5,100 SF
Class
C
Property subtype
Retail
Zoning
NB – Neighborhood Business
Occupancy
100%
Lease Type
Gross
Net Operating Income
$71,980
Additional Details
Cap Rate
7.2%
Building Details
Year Built
1940
Year Renovated
2019
Buildings
1
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
Skye Management
Listed By:
Abdullah Bustami · License #2185423
Source:
Crexi
Added: Jun 4
Changed: Sep 13
Last Checked: Oct 1 at 11:30AM
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 Skye Management
Investment Insights
Based on property information with market context.
763 Irvington Avenue is a fully leased, multi-tenant retail building totaling approximately 5,228 square feet on a prominent corner lot. The property includes dedicated parking and an estimated 60 feet of frontage along Irvington Avenue, supporting consistent street-level presence for day-to-day neighborhood traffic. The asset is 100% occupied by two established businesses: Evergreen Laundromat and Razor Sharp Lounge.
Lease terms extend through 2032 for Evergreen Laundromat and through 2029 for Razor Sharp Lounge, creating long-dated occupancy. The offering is described as located in the Maplewood, New Jersey market with strong visibility and high traffic counts, positioned within a dense residential trade area.
For buyers seeking a stabilized retail investment, this property offers current income from two in-place tenants and continued occupancy visibility through the respective lease expirations. The seller’s remarks also cite an in-place cap rate of approximately 7.2% at the offering price, with additional upside discussed through future rent growth. For tenants and brokers reviewing the site for retail operations, the combination of dedicated parking, corner-lot access, and neighborhood-serving tenancy supports a practical fit for consistent consumer footfall and repeat local demand.
Lease terms extend through 2032 for Evergreen Laundromat and through 2029 for Razor Sharp Lounge, creating long-dated occupancy. The offering is described as located in the Maplewood, New Jersey market with strong visibility and high traffic counts, positioned within a dense residential trade area.
For buyers seeking a stabilized retail investment, this property offers current income from two in-place tenants and continued occupancy visibility through the respective lease expirations. The seller’s remarks also cite an in-place cap rate of approximately 7.2% at the offering price, with additional upside discussed through future rent growth. For tenants and brokers reviewing the site for retail operations, the combination of dedicated parking, corner-lot access, and neighborhood-serving tenancy supports a practical fit for consistent consumer footfall and repeat local demand.
Key Highlights
- Fully leased multi‑tenant retail property on a prominent corner lot in Maplewood, NJ
- Two established tenants: Evergreen Laundromat and Razor Sharp Lounge; 100% occupied
- Approx. 5,228 SF with dedicated parking and approx. 60 ft of frontage along Irvington Avenue
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
$69,015
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
6.90%
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%
$1,380,300
$1.4M
Cap Rate 7%
$985,929
$985.9K
Cap Rate 9%
$766,833
$766.8K
Market Conditions
NOI Build-Up for 5,100 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
$110.2K $21.60/SF
− Vacancy
−$11.6K −$2.27/SF
EGI
$98.6K $19.33/SF
− OpEx
−$29.6K −$5.80/SF
NOI
$69.0K $13.53/SF
Area
ZIP 07106
Vacancy
10.50%
Lease Rate
$21.60 /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%
$1,380,300
Cap Rate 7%
$985,929
Cap Rate 9%
$766,833
Alternative Uses
Best Use
Retail
$985.9K
$862.7K – $1.15M
NOI $69,015 @ 7.0% cap · market cap 6.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.00M
$1.75M – $2.33M
NOI $139,658 @ 7.0% cap · market cap 13.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,089
Businesses Nearby
41k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 69%
Dining 31%
7-Eleven
Shops & Services
13,346 visits/mo
0.2 miles
Sunoco
Shops & Services
10,987 visits/mo
0.3 miles
Dunkin' Donuts
Dining
10,262 visits/mo
0.4 miles
SUBWAY
Dining
2,480 visits/mo
0.4 miles
M&T Bank
Shops & Services
2,145 visits/mo
0.2 miles
Demographics for 07106, NJ
34,596
Population
13,633
Households
2.5
Avg Household Size
35
Median Age
18%
College-Educated
85%
High-School Grad
1.4 sq mi
ZIP Area
24,711
Density / Sq Mi
$48,105
Median Household Income
$34,820
Median Earnings
$1,221
Median Rent
$321,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Storefront property - Fully leased retail corner property with dedicated parking and frontage on Irvington Avenue.
Where is this storefront property located?
The property is located at 763 IRVINGTON AVE Newark, NJ.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Fully leased multi‑tenant retail property on a prominent corner lot in Maplewood, NJ; Two established tenants: Evergreen Laundromat and Razor Sharp Lounge; 100% occupied; Approx. 5,228 SF with dedicated parking and approx. 60 ft of frontage along Irvington Avenue
