1790 Springfield Ave 12 Unit Apartment Building $5,700,000 ($475,000/Unit) 5.59% Cap Rate Maplewood, NJ 07040

1790 Springfield Avenue presents a prime opportunity to acquire a newly constructed, mixed-use investment property completed in 2024. The asset consists of 12 large, condo-style apartments, 11 one-bedroom units, and one three-bedroom unit, alongside a 4,000-square-foot restaurant leased on a 10-year term with renewal options.

Designed for operational efficiency, 1790 Springfield Avenue features separate utilities for all units, an on-site shared laundry facility, and off-street parking. The restaurant tenant covers water, sewer, landscaping, and snow removal, enhancing expense control and income stability. This offering delivers immediate cash flow, backed by new-construction quality and a long-term commercial lease, creating a compelling blend of durability, tenant security, and residential demand. The transaction requires coordination with the seller’s 1031 exchange.

Positioned along Springfield Avenue, a major commercial thoroughfare with direct connectivity to Interstate 78 and the Garden State Parkway, the asset benefits from exceptional regional access. The surrounding trade area includes more than 650,000 residents within a 5-mile radius, generating approximately $6.8 billion in annual consumer spending. Over 61% of the local population rents, further supported by a daytime workforce of approximately 275,000 employees, drivers of sustained multifamily and retail demand. National retailers, including Target, The Home Depot, Wawa, Dunkin’, Walgreens, and Dollar Tree, operate within 2 miles, reinforcing daily traffic patterns and long-term neighborhood vitality.

Situated in Lower Essex County, one of Northern New Jersey’s strongest multifamily corridors, the mixed-use asset stands within a market that has experienced sustained leasing velocity and investor interest in recent quarters. Maplewood’s established residential base, commuter accessibility, and retail density continue to support stable occupancy and rent growth fundamentals. 1790 Springfield Avenue offers more than a newly built asset; it delivers a stabilized mixed-use investment positioned to capture durable housing demand, essential retail traffic, and the strength of a thriving regional submarket.