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488-500 Mulberry St 53,440 SF 100% Leased Industrial Building Newark, NJ 07114 $11,500,000 ($215.19/SF) 6.67% Cap Rate
Investment Highlights
- Fully leased industrial building with net operting income of ± $640,000; tenants have flexible leases
- Zoned MX-2 Med-Density Res/Comm/Industrial; Redevelopment zoning for 8-story residential
- Property taxes ±$57,000
- Owner can vacate ±3,300 SF office, ±7,638 SF mezzanine and ±16,000 SF warehouse for user buyer
- 3 tailboard doors and 4 drive-in doors; ceiling height 16'
- Dropbox available with signed NDA
Executive Summary
Fully leased industrial warehouse for sale in Newark. Adjacent to Newark's Design District, this property is also known as 190 Murray Street and is located one block from highway 21 and in close proximity to Routes 9, 78, 95, and 280. Owner can vacate 3300 s-f office + 7638 mezzanine or 16000 s-f of warehouse for user buyer.
Owner Financing Available.
Owner Financing Available.
Property Facts
| Price | $11,500,000 | Rentable Building Area | 53,440 SF |
| Price Per SF | $215.19 | No. Stories | 1 |
| Sale Type | Investment or Owner User | Year Built | 1945 |
| Cap Rate | 6.67% | Parking Ratio | 1.06/1,000 SF |
| Sale Condition | 1031 Exchange | Clear Ceiling Height | 16’ |
| Property Type | Industrial | No. Dock-High Doors/Loading | 3 |
| Property Subtype | Warehouse | No. Drive In / Grade-Level Doors | 5 |
| Building Class | C | Opportunity Zone |
Yes
|
| Lot Size | 1.82 AC | ||
| Zoning | MX-2 - Med-Density Res/Comm/Industrial | ||
| Price | $11,500,000 |
| Price Per SF | $215.19 |
| Sale Type | Investment or Owner User |
| Cap Rate | 6.67% |
| Sale Condition | 1031 Exchange |
| Property Type | Industrial |
| Property Subtype | Warehouse |
| Building Class | C |
| Lot Size | 1.82 AC |
| Rentable Building Area | 53,440 SF |
| No. Stories | 1 |
| Year Built | 1945 |
| Parking Ratio | 1.06/1,000 SF |
| Clear Ceiling Height | 16’ |
| No. Dock-High Doors/Loading | 3 |
| No. Drive In / Grade-Level Doors | 5 |
| Opportunity Zone |
Yes |
| Zoning | MX-2 - Med-Density Res/Comm/Industrial |
Utilities
- Gas - Natural
- Water - City
- Sewer - City
- Heating - Gas
1 1
Very walkable
80/100
Moderately drivable
70/100
Exceptional public transit
90/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 14-01183-0000-00001 | Improvements Assessment | $612,000 |
| Land Assessment | $905,000 | Total Assessment | $1,517,000 |
Property Taxes
Parcel Number
14-01183-0000-00001
Land Assessment
$905,000
Improvements Assessment
$612,000
Total Assessment
$1,517,000
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488-500 Mulberry St
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