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2 E Passaic Ave 6,800 SF 100% Leased Retail Building Nutley, NJ 07110 $2,195,000 ($322.79/SF)
Investment Highlights
- Long-established restaurant and bar with nearly a century of presence, featuring a thriving customer base and strong local recognition.
- Renovated kitchen and restaurant interiors completed in 2015, complemented by recent mechanical upgrades such as new AC systems and boiler.
- Property spans approximately 7,000 square feet on a 0.41-acre lot, offering corner exposure and on-site parking for about 20 vehicles.
- Includes four fully occupied residential apartments, generating consistent rental income alongside the operating hospitality business.
- Features extensive amenities for patrons, including outdoor patio seating, 30 craft beer taps, space for live entertainment, and more.
- Situated in a vibrant Essex County location with strong connectivity and a history of operating profitability, presenting an attractive investment.
Executive Summary
Opportunity knocks with this mixed-use building offering an iconic, thriving Restaurant/Bar business with a rich history and 4 residential apartments. Established nearly a century ago, The Old Canal Inn is poised to continue propelling forward. Total patron capacity of 186 including the 75 in the dining room. An extensive craft beer list flows through the 30 taps, with a strong customer base which enjoys the outdoor patio, live entertainment, catering, private parties and the in-house regulation shuffleboard table as well as the 22 large screen TVs. The kitchen and restaurant received a total renovation in 2015. AC systems (2022), Boiler (2020). The residential apartments are well-maintained and fully occupied. Turn-key, profitable operation with strong potential for added growth....
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
6,800 SF
Building Class
C
Year Built/Renovated
1908/2015
Price
$2,195,000
Price Per SF
$322.79
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
0.38
Lot Size
0.41 AC
Zoning
B2 - Commercial
Parking
20 Spaces (2.82 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Corner Lot
- Restaurant
- Security System
- Signage
- Air Conditioning
- Smoke Detector
Moderately walkable
70/100
Very drivable
80/100
Some public transit
40/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 16-08604-0000-00001 | Improvements Assessment | $828,900 |
| Land Assessment | $349,500 | Total Assessment | $1,178,400 |
Property Taxes
Parcel Number
16-08604-0000-00001
Land Assessment
$349,500
Improvements Assessment
$828,900
Total Assessment
$1,178,400
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2 E Passaic Ave