1755 Springfield Ave Maplewood, NJ 07040-2995
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.
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Deluxe Nails Studio llc Nail Salon
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BERGEN TRUCKING LLC Trucking Company
Pedestrian Retail Business (PRB Zone). (1) Permitted principal uses. (a) Retail businesses, not including pawnshops, and check cashing establishments. (b) Financial institutions. (c) Eat-in and/or takeout restaurants, not including fast-food restaurants. (d) Dwellings. (e) Offices. (f) Professional offices. (g) Businesses that are primarily instructional. (h…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2022Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
PRB · Maplewood, NJPedestrian Retail Business (PRB Zone). (1) Permitted principal uses. (a) Retail businesses, not including pawnshops, and check cashing establishments. (b) Financial institutions. (c) Eat-in and/or takeout restaurants, not including fast-food restaurants. (d) Dwellings. (e) Offices. (f) Professional offices. (g) Businesses that are primarily instructional. (h) Social/fraternal clubs and lodges and union halls. (i) Alternative treatment centers. (2) Accessory uses. Fences not over six feet in height in side or rear yards only, radio antennas, receiving dish antennas, solar collectors and other uses customarily associated with the permitted uses, provided that such accessory uses are subordinate to the principal use and serve only the principal use. (3) Conditional uses: none. (4) Area and setback requirements. (a) Minimums. [1] Minimum requirements for lot area, lot width and rear yard shall be as follows: Type Feet or Square Feet Lot area 2,500 square feet Lot width 25 feet Rear yard 15 feet [2] Front yard. No front yard shall be required except on those lots which adjoin transitional lots, in which case the minimum front yard shall be 50% of that required in the district in which the transitional lot is located. [3] Side yard. No side yard shall be required except on those lots which adjoin transitional lots, in which case the side yard shall be a minimum of 15 feet and buffered in accordance with the requirements of this chapter. (b) Maximums. [1] Maximum requirements for curb cut, building coverage and lot coverage shall be as follows: Type Percent Curb cut (percent of lot width) * Building coverage 80% Lot coverage 100% NOTES: * Curb cuts are not encouraged in the PRB District since they can interrupt the safe flow of pedestrian traffic. [2] Building height. No building shall exceed 50 feet in height. However, that portion of the building over 30 feet in height shall be set back from the street line one foot for every foot in building height over 30 feet. (5) Other provisions. (a) Within the PRB District, additional building coverage can be achieved as a bonus for undertaking street or sidewalk beautification projects. The amount of the bonus shall be related to the extent of the beautification project undertaken, but in any event it shall not increase the allowable coverage by more than 10% (i.e., a maximum of 88% in the PRB District). (b) For alternative treatment centers: [1] A certificate to operate an alternative treatment center issued by the State of New Jersey shall accompany an application for continued use made to the Building Department.
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.