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638 Mount Prospect Ave 19,654 SF 100% Leased Retail Building Newark, NJ 07104 $6,160,815 CAD ($313.46 CAD/SF) 7.11% Cap Rate
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.
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$545,536
|
$27.76
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$545,536
|
$27.76
|
| Taxes |
$30,120
|
$1.53
|
| Operating Expenses |
$75,299
|
$3.83
|
| Total Expenses |
$105,418
|
$5.36
|
| Net Operating Income |
$440,118
|
$22.39
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $545,536 |
| Annual Per SF | $27.76 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $545,536 |
| Annual Per SF | $27.76 |
| Taxes (CAD) | |
|---|---|
| Annual | $30,120 |
| Annual Per SF | $1.53 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $75,299 |
| Annual Per SF | $3.83 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $105,418 |
| Annual Per SF | $5.36 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $440,118 |
| Annual Per SF | $22.39 |
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
$6,160,815 CAD
Price Per SF
$313.46 CAD
Cap Rate
7.11%
NOI
$438,102 CAD
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
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Newark Rehabilitation Center
- Health Care and Social Assistance
- -
- -
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Newark Rehabilitation Center | Health Care and Social Assistance | - | - | - |
Walk Score®
Very Walkable (81)
Nearby Major Retailers
Property Taxes
| Parcel Number | 14-00737-0000-00025 | Total Assessment | $757,368 CAD |
| Land Assessment | $168,913 CAD | Annual Taxes | $30,120 CAD ($1.53 CAD/SF) |
| Improvements Assessment | $588,455 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
14-00737-0000-00025
Land Assessment
$168,913 CAD
Improvements Assessment
$588,455 CAD
Total Assessment
$757,368 CAD
Annual Taxes
$30,120 CAD ($1.53 CAD/SF)
Tax Year
2025
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638 Mount Prospect Ave
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