For Sale
$1,650,000

687-693 Bloomfield AveWest Caldwell, NJ 07006

Prime Retail Investment, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
115
Exceptional investment opportunity: a fully leased, 3,000 square foot shopping center in West Caldwell, New Jersey, situated on a high-traffic section of Bloomfield Avenue. This single-story, 1969-built property boasts a strong 6.18% cap rate and a substantial net operating income (NOI) of $102,000. The property features three tenants: a dog training academy, a bubble tea and dessert cafe, and a nail salon, ensuring consistent cash flow. The 0.24-acre lot provides ample parking with 15 spaces located behind the building. The building offers flexibility for future tenants; the space at 687-689 Bloomfield Avenue could be subdivided into two units, or the space at 691-693 Bloomfield Avenue could be combined. Utilities are separately metered for the nail salon, while the remaining units share and split costs. The property's convenient location near Caldwell University and Essex County Community College guarantees high visibility and foot traffic. This well-maintained commercial property is zoned for commercial use and presents a compelling investment prospect with built-in rent bumps. The asking price is $1,650,000, translating to $550 per square foot. This is a rare opportunity to acquire a stable, income-producing asset in a desirable location.

Highlights

  • Fully leased, 3,000 SF retail shopping center on high-traffic Bloomfield Ave., near Caldwell University and Essex County Community College.
  • Three tenants in place: dog training academy, bubble tea/dessert cafe, and nail salon.
  • Flexible layout allows for future reconfiguration, with potential to divide 687-689 or combine 691-693.
  • Separate utilities for the nail salon; shared utilities for 691-693.
  • Ample private parking (15 spaces) in the rear.

Property Details for 687-693 Bloomfield Ave

Property type
Lifestyle centers, Power centers
Square Feet
3,000 SF
Year Built
1969
Buildings
1
Stories
1
Lot Size (sq. ft)
10,454 SF
Units
3

Location Insight

City
West Caldwell
County
Essex
State
New Jersey
Latitude
40.8488626
Longitude
-74.2911791
687-693 Bloomfield Ave, West Caldwell, New Jersey

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687-693 Bloomfield Ave
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