195 Miller StNewark, NJ 07114

Property Details for 195 Miller St

Construction

CONCRETE BLOCKS

Lot size

0.05 AC

Property type

Commercial real estate

APN

14 01178-0000-00014

APU

1401178000000014

Description

This exceptional investment opportunity presents a thriving 2,012 square foot auto repair shop located at 195 Miller Street in Newark, New Jersey, within Essex County (zip code 07114). The property sits on a 0.05-acre lot (Block 1178, Lot 14) and is offered at an asking price of $895,000, translating to $444.83 per square foot. The building features a convenient drive-in door, a ceiling height of 12 feet 8 inches, and three auto lifts, ensuring efficient operation. The shop is equipped with a brand new air compressor and utilizes gas suspended heat. The high-density traffic area guarantees significant customer flow. 2022 property taxes amounted to $7,285.20. This turnkey operation is ideal for an established business or a savvy investor seeking a profitable venture in a high-demand market. The property's size and features make it a compelling opportunity for continued success and growth within the automotive repair industry. This is a rare chance to acquire a well-equipped and strategically located auto shop in a bustling Newark neighborhood.

• CAP approach

  CAP return

  Valuation

  6%

  $376,996

  6.5%

  $347,996

  7%

  $323,140

• Comparable approach

  Method

  Valuation

  Relative Method

  $262,888

  Geo Method

  $262,888

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $685,125

  Retail / Commercial

  $351,329

  Mixed-Use / Specialty

  $350,076

  Hospitality / Lodging

  $256,840

  Office

  $347,996

  Institutional / Educational

  $363,938

  Residential Income

  $425,808

  Multifamily

  $510,691

  Automotive / Energy

  $311,947

  Parking / Income-Based Land

  $107,649

  Restaurant / Food Service

  $182,077

  Healthcare / Senior Housing

  $358,997

Location Insight

City

Newark

County

Essex

State

New Jersey

Latitude

40.7179

Longitude

-74.1784

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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