763 IRVINGTON AVENUE NEWARK NJ 07106
100% Leased | Retail Total 5,100 SF
Marketing description
763 Irvington Avenue presents the opportunity to acquire a fully leased, multi-tenant retail investment in the highly desirable Maplewood, New Jersey market. The property consists of approximately 5,228 square feet situated on a prominent corner lot with dedicated parking and approximately 60 feet of frontage along Irvington Avenue. The asset is 100% occupied by two established neighborhood-serving businesses, Evergreen Laundromat and Razor Sharp Lounge, providing stable cash flow with lease expirations extending through 2032 and 2029, respectively. At the offering price of $1,000,000, investors benefit from an attractive in-place cap rate of approximately 7.2% with additional upside through future rent growth. The property's strong visibility, high traffic counts, and location within a dense residential trade area position it as a durable long-term investment.
Investment highlights
Investment Highlights
- Fully Leased Retail Investment with Immediate Cash Flow
- Approximate NOI of $71,980 Offering a 7.2% Cap Rate at Asking Price
- Long-Term Lease Security with Tenants Through 2029 and 2032
- Recession-Resistant Service-Oriented Tenancy
- Corner Location at Irvington Ave & Clinton Ave Signalized Intersection
- Strong Visibility with Approximately 19,000 Vehicles Per Day
- 60 Feet of Frontage on Irvington Avenue
- Dedicated Off-Street Parking Lot
- 5,100 SF Freestanding Retail Building on 0.22 Acres
- Dense Residential Population Supporting Neighborhood Retail
- Professionally Managed Asset
- Potential Future Rental Growth and Property Appreciation in Maplewood Submarket
- Easy Access to Newark, South Orange, Irvington, and Major Regional Highways
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