1755 Springfield AveMaplewood, NJ 07040
- Commercial real estate
- 4,234 SF
Property Details for 1755 Springfield Ave
- Year built
- 1927
- Lot size
- 0.06 AC
- Property size (Sq ft)
- 4,234 SF
- Zone code
- PRB
- Property type
- Commercial real estate
- APN
- 11 00049- 06-00255
- APU
- 11000490600255
Description
This exceptional three-story mixed-use property in Maplewood, NJ, offers a compelling investment opportunity. Located at 1755 Springfield Avenue, this 4,500 square foot building boasts a strong 7.21% cap rate and a current NOI of $55,842. The property features one ground-floor retail space of approximately 1,450 square feet, currently occupied by a long-term nail salon tenant under a net lease with a remaining term of approximately two years and a five-year option. Above the retail space are two renovated two-bedroom apartments, one on each of the second and third floors. The second-floor unit includes an additional room. Both apartments benefit from recent renovations (2024) and offer washer/dryer hookups in the basement. Tenants are responsible for their own electricity and gas for heating and hot water. The building is 100% occupied, providing immediate cash flow. The asking price is $775,000, translating to a price per square foot of $172.22. Rent bumps are scheduled for November 2024, as reflected in the operating metrics. This turnkey investment presents a rare opportunity to acquire a well-maintained, high-performing property in a desirable location. The property's advantageous location ensures strong tenant demand for both commercial and residential spaces. The building's solid construction and recent renovations minimize immediate capital expenditure needs.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
Alternative Use
- Use
- Valuation
- Residential
- $801,238
- Hospitality
- $733,930
- Educational
- $610,621
- Medical
- $631,621
- Retail
- $949,855
Location Insight
- City
- Maplewood
- County
- Essex
- State
- New Jersey
- Latitude
- 40.7213
- Longitude
- -74.2641
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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