Ironbound Warehouse with Tenant
For Sale
$1,000,000
91 Rome St, Newark, NJ 07105
5,619 SF warehouse in Newark with tenant in place.
Property Size5,619 SF
Lot Size0.13 Acres
Price / SF$177.97
Days on Market217
Property Features for 91 Rome St
General Information
Standard status
Active
Size
5,619 SF
Lot size
0.13 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$10,789
Amenities
Concrete Driveway
Flat Roof
Level Lot
Building Details
Year Built
9999
Listing Agency:
EXIT REALTY LUCKY ASSOCIATES
(908) 289-7746
Listed By:
ANTONIO COSTA · License #238477
Source:
Corcoran
Added: Jan 27
Changed: Aug 31
Last Checked: Sep 1 at 7:53PM
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 EXIT REALTY LUCKY ASSOCIATES
Investment Insights
Based on property information with market context.
This 5,619 square foot warehouse is located in the Ironbound section. It is zoned I-1 and features two overhead doors. The property is currently divided into two spaces. The owner occupies approximately 2,250 square feet, while a tenant occupies approximately 3,350 square feet. The tenant's lease expires in May 2026. The building features one gas meter, one electric meter, gas heat blower, concrete floors, and high ceilings.
Key Highlights
- 5,619 sq ft warehouse in the Ironbound
- I‑1 zoning suitable for industrial use
- Tenant in place occupying 3,350 sq ft with lease expiring May 2026
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
$70,186
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
7.02%
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%
$1,403,720
$1.4M
Cap Rate 7%
$1,002,657
$1.0M
Cap Rate 9%
$779,844
$779.8K
Market Conditions
NOI Build-Up for 5,619 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
$87.7K $15.60/SF
− Vacancy
−$5.1K −$0.90/SF
EGI
$82.6K $14.70/SF
− OpEx
−$12.4K −$2.20/SF
NOI
$70.2K $12.49/SF
Area
ZIP 07105
Vacancy
5.80%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
15.00%
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%
$1,403,720
Cap Rate 7%
$1,002,657
Cap Rate 9%
$779,844
Alternative Uses
Best Use
Warehouse
$1.00M
$877.3K – $1.17M
NOI $70,186 @ 7.0% cap · market cap 7.02%
Second Best
Industrial
$824.8K
$721.7K – $962.3K
NOI $57,739 @ 7.0% cap · market cap 5.77%
Theoretical Best
Office A
$2.01M
$1.76M – $2.34M
NOI $140,682 @ 7.0% cap · market cap 14.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,000
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 07105, NJ
50,870
Population
20,608
Households
2.5
Avg Household Size
35
Median Age
15%
College-Educated
70%
High-School Grad
4.6 sq mi
ZIP Area
11,059
Density / Sq Mi
$55,752
Median Household Income
$33,175
Median Earnings
$1,600
Median Rent
$445,900
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Warehouse - 5,619 SF warehouse in Newark with tenant in place.
Where is this warehouse located?
The property is located at 91 Rome St 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: 5,619 sq ft warehouse in the Ironbound; I‑1 zoning suitable for industrial use; Tenant in place occupying 3,350 sq ft with lease expiring May 2026
