600 Bloomfield Ave Bloomfield, NJ 07003
- Retail space
- 14,587 SF
- 0.27 lot acres
Current Use by Public Records
- Dollar General / Dollar Store / Convenience Store
- Alex Bloomfield / Repair Service / Appliance Repair Service
Property Details for 600 Bloomfield Ave
- Year built
- 1928
- Lot size
- 0.27 lot acres
- Property size
- 14,587 SF
- Property type
- Retail space
- Property subtype
- Storefront properties
Description
This exceptional mixed-use property in Bloomfield, NJ, presents a compelling investment opportunity. The 14,587 square foot building, constructed in 1928 and renovated in 2022, boasts a prime location on Bloomfield Avenue, a major commercial corridor. The property features a 100% occupancy rate with five units: one ground-floor commercial space leased to Dollar General under a strong, credit-rated corporate guarantee lease with two 5-year options and attractive rent increases, and four residential units (two 1-bedroom/1-bathroom and two 2-bedroom/1-bathroom units) on the second floor. The Dollar General lease is a double net lease, with the tenant reimbursing 84.15% of real estate taxes, insurance, and snow removal, plus a fixed common area maintenance reimbursement that increases by 10% every five years. This minimizes the owner's exposure to rising operating costs. The property sits on a 0.27-acre lot and benefits from excellent visibility and high traffic counts (approximately 19,300 vehicles daily). Its strategic location offers convenient access to major roadways (Garden State Parkway, Route 21, Interstate 280), public transportation (Bloomfield Train Station, Newark Light Rail), and numerous amenities, including shopping centers, restaurants, and medical facilities. The strong demographics of the area, with over 33,400 people within one mile and an average household income exceeding $147,197, further enhance the property's investment potential. The current Net Operating Income (NOI) is $256,028, resulting in a 6.27% capitalization rate. This fee-simple offering represents a stabilized investment with significant long-term growth potential. Separate utilities for each unit (tenant-paid heat, hot water, and electricity) further enhance operational efficiency.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Bloomfield
- County
- Essex
- State
- New Jersey
- Longitude
- -74.198210855912
- Latitude
- 40.794157873783
