67 Broadway
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67 Broadway
5,625 SF 100% Leased Retail Building Newark, NJ 07104 $950,000 ($169/SF) 7.25% Cap Rate
Investment Highlights
- Prime Location
- Fully remodeled.
- Minutes to Downtown Newark
Executive Summary
Discover a highly desirable mixed-use property just five blocks from the heart of downtown, offering excellent rental income at 7.25% CAP Rate and long-term leases. This property is ideal for investors looking for a steady revenue stream with growth potential! Commercial Space (1st Floor): Spacious commercial area with a basement, currently leased for $2,570 per month with a secure 10-year lease and a 3% annual rent increase. This setup ensures reliable income with a growth trajectory for years to come. Residential Units: 2nd Floor: Fully renovated 4-bedroom, 1-bathroom apartment with a lease in place. Enjoy $2,550 in monthly rent for this renovated unit, offering a comfortable living space for tenants. 3rd Floor: 3 bedrooms, 1-bathroom unit renting at $2,000 per month. Additional Highlights: No on-site parking, but conveniently located just a short five-block walk to downtown.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$85,440
|
$15.19
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$85,440
|
$15.19
|
| Taxes |
$9,500
|
$1.69
|
| Operating Expenses |
$7,200
|
$1.28
|
| Total Expenses |
$16,700
|
$2.97
|
| Net Operating Income |
$68,740
|
$12.22
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $85,440 |
| Annual Per SF | $15.19 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $85,440 |
| Annual Per SF | $15.19 |
| Taxes | |
|---|---|
| Annual | $9,500 |
| Annual Per SF | $1.69 |
| Operating Expenses | |
|---|---|
| Annual | $7,200 |
| Annual Per SF | $1.28 |
| Total Expenses | |
|---|---|
| Annual | $16,700 |
| Annual Per SF | $2.97 |
| Net Operating Income | |
|---|---|
| Annual | $68,740 |
| Annual Per SF | $12.22 |
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
5,625 SF
Building Class
C
Year Built
1900
Price
$950,000
Price Per SF
$169
Cap Rate
7.25%
NOI
$68,875
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
3.23
Lot Size
0.04 AC
Frontage
36 FT on Broadway
Amenities
- Bus Line
- Freeway Visibility
- Signage
Walk Score ®
Very Walkable (88)
Transit Score ®
Excellent Transit (79)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 14-00449-0000-00062 | Total Assessment | $341,400 (2024) |
| Land Assessment | $59,400 (2024) | Annual Taxes | $9,500 ($1.69/SF) |
| Improvements Assessment | $282,000 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
14-00449-0000-00062
Land Assessment
$59,400 (2024)
Improvements Assessment
$282,000 (2024)
Total Assessment
$341,400 (2024)
Annual Taxes
$9,500 ($1.69/SF)
Tax Year
2023
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