1755 Springfield Ave Maplewood, NJ 07040-2995

Property Details for 1755 Springfield Ave

Year built

1927

Lot size

0.06 lot acres

Property size

4,234 SF

Zone code

PRB

Property type

Commercial real estate

APN

11 00049- 06-00255

APU

11000490600255

Description

This exceptional three-story mixed-use property in Maplewood, NJ, offers a compelling investment opportunity. Located at 1755 Springfield Avenue, this 4,500 square foot building boasts a strong 7.21% cap rate and a current NOI of $55,842. The property features one ground-floor retail space of approximately 1,450 square feet, currently occupied by a long-term nail salon tenant under a net lease with a remaining term of approximately two years and a five-year option. Above the retail space are two renovated two-bedroom apartments, one on each of the second and third floors. The second-floor unit includes an additional room. Both apartments benefit from recent renovations (2024) and offer washer/dryer hookups in the basement. Tenants are responsible for their own electricity and gas for heating and hot water. The building is 100% occupied, providing immediate cash flow. The asking price is $775,000, translating to a price per square foot of $172.22. Rent bumps are scheduled for November 2024, as reflected in the operating metrics. This turnkey investment presents a rare opportunity to acquire a well-maintained, high-performing property in a desirable location. The property's advantageous location ensures strong tenant demand for both commercial and residential spaces. The building's solid construction and recent renovations minimize immediate capital expenditure needs.

Location Insight

City

Maplewood

County

Essex

State

New Jersey

Longitude

-74.2641

Latitude

40.7213

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments