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Mixed-Use

82-84 Broadway

82-84 Broadway, Newark, NJ 07104

Listing Price: $1,300,000

Cap Rate
6.08%
Number of Units
7
Occupancy
100.0%
Price/Unit
$185,714
Price/Gross SF
$114.04
Gross SF
11,400

Investment Overview

Marcus & Millichap is pleased to present an opportunity to acquire a mixed use property in the Lower Broadway section of Newark, New Jersey. This seven unit building has a mix of retail and residential tenants. The ground floor is occupied by two 1900 square foot retail spaces with long term tenants. The second and third floor of this three story brick building have five residential units: two 1-bedroom and three 3-bedroom apartments. All tenants pay for their own separately metered gas and electric. Retail tenants pay for their own heating/cooling (individual HVAC units). Residential tenants also pay for their own heat & hot water (individual boilers/baseboard hot water). The location is excellent for retail tenants who enjoy 20k+ traffic count along broadway. Residential tenants have access to seven bus lines within a couple of blocks and have a multitude of shopping options within walking distance. This opportunity provides a savvy investor with a tremendous upside due to the fact that both residential and retail rents are well below market averages.

Investment Highlights

  • Great unit mix in lower broadway district with 20k+ traffic count
  • All units separately metered and tenants pay electric & gas
  • All tenants on MYM leases and well under market providing significant upside

Exclusively Listed By

Mixed-Use

82-84 Broadway

Listing Price: $1,300,000

Cap Rate
6.08%
Number of Units
7
Occupancy
100.0%
Price/Unit
$185,714
Price/Gross SF
$114.04
Gross SF
11,400

Investment Highlights

  • Great unit mix in lower broadway district with 20k+ traffic count
  • All units separately metered and tenants pay electric & gas
  • All tenants on MYM leases and well under market providing significant upside

Investment Overview

Marcus & Millichap is pleased to present an opportunity to acquire a mixed use property in the Lower Broadway section of Newark, New Jersey. This seven unit building has a mix of retail and residential tenants. The ground floor is occupied by two 1900 square foot retail spaces with long term tenants. The second and third floor of this three story brick building have five residential units: two 1-bedroom and three 3-bedroom apartments. All tenants pay for their own separately metered gas and electric. Retail tenants pay for their own heating/cooling (individual HVAC units). Residential tenants also pay for their own heat & hot water (individual boilers/baseboard hot water). The location is excellent for retail tenants who enjoy 20k+ traffic count along broadway. Residential tenants have access to seven bus lines within a couple of blocks and have a multitude of shopping options within walking distance. This opportunity provides a savvy investor with a tremendous upside due to the fact that both residential and retail rents are well below market averages.

Exclusively Listed By

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