554 Bloomfield AveBloomfield, NJ 07003

Property Details for 554 Bloomfield Ave

Year built

1952

Lot size

0.14 AC

Property size (Sq ft)

23,840 SF

Zone code

BCR2

Property type

Office properties

Property subtype

Office buildings

APN

02 00153-0000-00029

APU

200153000000029

Description

This four-story, 19,400 square foot office building at 554 Bloomfield Avenue in Bloomfield, NJ, presents a compelling investment opportunity. The property, built in 1961 and situated on a 0.14-acre lot, is a mixed-use building with six tenants and boasts a 97.65% occupancy rate. The ground floor features retail space, while floors two through four house office spaces. Benefit from below-market rents, offering significant upside potential. The building enjoys a prime downtown location, just 0.15 miles from the NJ Transit Bloomfield Train Station and adjacent to the Avalon Bloomfield Station (a 224-unit multifamily complex with ground-floor retail). Its central location places it within walking distance of numerous national retailers including KFC, Dunkin', Provident Bank, H&R Block, USPS, IHOP, AT&T, and Starbucks, as well as local shops. The property is also conveniently located 0.25 miles from Bloomfield College and Bloomfield High School, and offers easy access to the Garden State Parkway and is only 20 miles from New York City. Strong demographics further enhance its appeal, with over 333,000 people residing within a three-mile radius and an average annual household income exceeding $111,000 within one mile. This property offers a blend of established tenancy and significant growth potential in a thriving Essex County location.

• CAP approach

  CAP return

  Valuation

  6%

  $3,941,464

  6.5%

  $3,638,274

  7%

  $3,378,398

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,114,934

  Geo Method

  $3,114,934

• Alternative Use

  Use

  Valuation

  Residential

  $4,511,460

  Hospitality

  $4,132,474

  Educational

  $3,438,170

  Medical

  $3,556,414

  Retail

  $5,348,264

Location Insight

City

Bloomfield

County

Essex

State

New Jersey

Latitude

40.7924

Longitude

-74.1975

CBSA code

35620

CBSA name

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

Property Tax & Assessments

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