Spacious Social Club For
For Sale
$1,200,000
Pending
94 Bridge St, Belleville, NJ 07109
Large social club with dining hall and development potential.
Property Size5,500 SF
Lot Size0.29 Acres
Days on Market539
Property Features for 94 Bridge St
General Information
Standard status
Pending
Size
5,500 SF
Lot size
0.29 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$51,279
Amenities
Central air
Asphalt Shingle Roof
1 Car Width
2 Units Cooling
2 Units Heating
Central Air Cooling
Flat Roof
Forced Hot Air Heating
Level Lot
Building Details
Year Built
1957
Listing Agency:
WEICHERT REALTORS - HOME CITY
(201) 293-6333
Listed By:
AUGUSTO VERISSIMO · License #9591085
Source:
Corcoran
Added: Feb 17, 2025
Changed: Aug 8
Last Checked: Aug 8 at 5:58AM
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 WEICHERT REALTORS - HOME CITY
Investment Insights
Based on property information with market context.
Located at 94 Bridge St in Belleville, this property, home to Columbus Institute Inc. since 1959, presents a rare opportunity. The social club spans approximately 5500 square feet and features a dining hall measuring 35 by 70 feet, a bar area of 23 by 42 feet with approximately 25 bar stools, and a kitchen and storage area/utility room measuring 15 by 70 feet. These spaces offer versatile utilization options. The property, zoned (B - A), has a lot size of 83 by 152 feet, totaling 12,500 square feet, suggesting potential for development. It includes office space, four bathrooms, central HVAC, and approximately 11 parking spaces. The property is conveniently located near major highways, offering accessibility. This property is a potential development opportunity.
Key Highlights
- Large property with development potential (approx. 5500 sqft building on a 12,500 sqft lot) due to (B - A) zoning.
- Prime location near major highways.
- Established history as the home of Columbus Institute Inc. since 1959.
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
$84,110
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
7.01%
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%
$1,682,200
$1.7M
Cap Rate 7%
$1,201,571
$1.2M
Cap Rate 9%
$934,556
$934.6K
Market Conditions
NOI Build-Up for 5,500 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
$118.8K $21.60/SF
− Vacancy
−$6.7K −$1.21/SF
EGI
$112.1K $20.39/SF
− OpEx
−$28.0K −$5.10/SF
NOI
$84.1K $15.29/SF
Area
Essex County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$1,682,200
Cap Rate 7%
$1,201,571
Cap Rate 9%
$934,556
Alternative Uses
Best Use
Specialty Retail
$1.20M
$1.05M – $1.40M
NOI $84,110 @ 7.0% cap · market cap 7.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,531 @ 7.0% cap · market cap 8.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,358
Businesses Nearby
138k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 74%
Dining 17%
Home Improvements & Furnishings 6%
Electronics 3%
Dollar Tree
Shops & Services
25,104 visits/mo
0.4 miles
QuickChek
Shops & Services
24,277 visits/mo
0.3 miles
Dollar General
Shops & Services
13,963 visits/mo
0.5 miles
Bank of America
Shops & Services
13,136 visits/mo
0.1 miles
Family Dollar
Shops & Services
10,511 visits/mo
0.3 miles
Demographics for 07109, NJ
38,078
Population
15,045
Households
2.5
Avg Household Size
39
Median Age
31%
College-Educated
87%
High-School Grad
3.3 sq mi
ZIP Area
11,539
Density / Sq Mi
$90,164
Median Household Income
$47,446
Median Earnings
$1,596
Median Rent
$405,500
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.
Frequently Asked Questions
What type of property is this?
Wedding venue - Large social club with dining hall and development potential.
Where is this wedding venue located?
The property is located at 94 Bridge St Belleville, NJ.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Large property with development potential (approx. 5500 sqft building on a 12,500 sqft lot) due to (B - A) zoning.; Prime location near major highways.; Established history as the home of Columbus Institute Inc. since 1959.
