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638 Mount Prospect Ave
Newark, NJ 07104
Retail Property For Sale
Investment Highlights
- Fully Leased
- Parking
Executive Summary
638 Mount Prospect Avenue presents a rare opportunity to acquire a stabilized mixed-use investment property in Newark featuring a diversified income stream from both residential and medical tenants. The property consists of a four-story building with 10 residential apartments and approximately 8,076 square feet of medical office space leased to an established healthcare operator under a long-term lease. The asset benefits from consistent in-place income, NNN reimbursements from the commercial tenant, and strong residential occupancy. The property also includes a separate lot currently utilized for parking, which supports the medical and residential uses and enhances tenant stability and long-term leasing flexibility. This offering is well suited for investors seeking a stable cash-flowing asset with a strong medical tenancy component in a high-demand Newark corridor.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
19,654 SF
Building Class
C
Year Built/Renovated
1930/2014
Price
$4,500,000
Price Per SF
$228.96
Cap Rate
7.11%
NOI
$320,000
Percent Leased
100%
Tenancy
Multiple
Building Height
4 Stories
Building FAR
3.03
Lot Size
0.15 AC
Zoning
C-2 - The C-2 Commercial zoning district permits a wide range of commercial and professional uses and residential
Parking
20 Spaces (1.02 Spaces per 1,000 SF Leased)
Frontage
Property Taxes
| Parcel Number | 14-00737-0000-00025 | Improvements Assessment | $429,200 |
| Land Assessment | $123,200 | Total Assessment | $552,400 |
Property Taxes
Parcel Number
14-00737-0000-00025
Land Assessment
$123,200
Improvements Assessment
$429,200
Total Assessment
$552,400
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