Mixed-Use Building in Prime
For Sale
$999,999
989 BROADWAY, Bayonne, NJ 07002
Two-story mixed-use building with investment and owner-occupant potential.
Property Size1,800 SF
Price / SF$555.56
Days on Market154
Property Features for 989 BROADWAY
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$17,800
Listing Agency:
SUMMIT AVENUE REALTORS
(201) 416-4446
Listed By:
PETER AWAD
Source:
Corcoran
Added: Mar 11
Changed: Aug 9
Last Checked: Jul 16 at 7:03AM
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 SUMMIT AVENUE REALTORS
Investment Insights
Based on property information with market context.
This two-story mixed-use corner building, constructed of brick, is located in a prime area of Bayonne, New Jersey. The property presents investment and owner-occupant potential. The first floor features a medical professional office space of over 1800 square feet, configured with nine exam rooms, a reception area, and a waiting lobby. It includes central AC, two parking spaces, and a partially finished basement with a full bathroom. The commercial space is currently vacant, offering an immediate opportunity for owner occupancy or new lease income. The upper levels contain two residential apartments that generate rental income. The building's corner location provides high visibility and is close to the light rail, buses, shopping, restaurants, and major services. This location is suitable for professional use and residential tenants. The property offers income, exposure, and long-term upside.
Key Highlights
- Large two‑story mixed‑use corner brick building in a prime Bayonne location.
- First floor features a vacant 1800+ sq ft medical professional office with nine exam rooms, reception, waiting area, central AC, two parking spaces, and partially finished basement with full bathroom.
- Two residential apartments on upper levels generate strong rental income.
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
$29,700
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
2.97%
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%
$594,000
$594.0K
Cap Rate 7%
$424,286
$424.3K
Cap Rate 9%
$330,000
$330.0K
Market Conditions
NOI Build-Up for 1,800 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
$54.0K $30.00/SF
− Vacancy
−$6.5K −$3.60/SF
EGI
$47.5K $26.40/SF
− OpEx
−$17.8K −$9.90/SF
NOI
$29.7K $16.50/SF
Area
Hudson County, NJ
Vacancy
12.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$594,000
Cap Rate 7%
$424,286
Cap Rate 9%
$330,000
Alternative Uses
Best Use
Mixed Use
$424.3K
$371.3K – $495.0K
NOI $29,700 @ 7.0% cap · market cap 2.97%
Second Best
Office B
$393.4K
$344.3K – $459.0K
NOI $27,540 @ 7.0% cap · market cap 2.75%
Theoretical Best
Warehouse
$651.8K
$570.3K – $760.4K
NOI $45,626 @ 7.0% cap · market cap 4.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,140
Businesses Nearby
Explore this area
Business Placement
Demographics for 07002, NJ
71,686
Population
30,161
Households
2.4
Avg Household Size
38
Median Age
40%
College-Educated
91%
High-School Grad
5.8 sq mi
ZIP Area
12,360
Density / Sq Mi
$81,285
Median Household Income
$51,157
Median Earnings
$1,593
Median Rent
$446,100
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story mixed-use building with investment and owner-occupant potential.
Where is this mixed-use property located?
The property is located at 989 BROADWAY Bayonne, NJ.
What is the asking price?
The asking price for this property is $999,999.
What are key features of this property?
This property features: Large two‑story mixed‑use corner brick building in a prime Bayonne location.; First floor features a vacant 1800+ sq ft medical professional office with nine exam rooms, reception, waiting area, central AC, two parking spaces, and partially finished basement with full bathroom.; Two residential apartments on upper levels generate strong rental income.
