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High-Traffic Retail/Residential Mixed Use 7-9 Watsessing Ave 2,490 SF 100% Leased Retail Building Online Auction Sale Bloomfield, NJ 07003
Matterport 3D Tours
Investment Highlights
- 7-9 Watsessing Avenue presents a fully leased, multi-tenant mixed-use asset with two retail units and two residential units.
- Direct visibility to strong foot traffic, as well as 9,300+ daily vehicles on Dodd Street and 179,000+ daily vehicles on Garden State Parkway.
- Competitive submarket fundamentals, with stable retail and multifamily rent growth and competitive vacancies driving long-term appreciation.
- Flexible layout with first-floor suites built out for restaurant and convenience store use and upper level residential for diversified cash flow.
- Adjacent to the Watsessing commuter rail station, providing immediate access for NJ Transit lines, with Newark Rail service under 1 mile away.
- Growing 2-mile population of more than 195,000, with an average household income over $94,000 and annual consumer spending above $1.9 billion.
Executive Summary
7-9 Watsessing Avenue offers a rare, transit-oriented, mixed-use opportunity in Bloomfield’s dynamic Watsessing neighborhood. Spanning two stories, the 4,980-square-foot storefront retail and residential property includes 2,490 square feet of ground-floor retail across two units, 2,490 square feet of upper-level residential space across two units, and additional basement area on a 0.08-acre lot. Built in 1913 and renovated in 2024, the asset combines established neighborhood recognition with updated functionality. The property is 100% occupied, offering a rare investment opportunity for savvy buyers.
The property’s location is a defining advantage. Positioned directly adjacent to Watsessing Train Station and less than 1 mile from Grove Street Station, the asset benefits from built-in pedestrian exposure and additional Newark Light Rail access. Immediate proximity to the Garden State Parkway strengthens regional connectivity, while visibility is supported by strong foot traffic, more than 9,300 daily vehicles on Dodd Street, and approximately 179,000 vehicles on the Parkway.
Watsessing functions as a community hub shaped by rail service, Watsessing Park, neighborhood retailers, service businesses, and surrounding residential areas. Nearby restaurants, salons, convenience stores, and service-based retailers deliver strong shopper cross-traffic and supply daily convenience for staff. National brands within five minutes of the property include industry leaders like Home Depot, Aldi, AutoZone Auto Parts, T-Mobile, Chipotle, Jersey Mike’s Subs, and more.
Market fundamentals strengthen the investment narrative. The Bloomfield/Garden State Parkway Retail Submarket reports 2.6% vacancy and 3.9% year-over-year rent growth, while Upper Essex County multifamily conditions remain favorable with 5.6% vacancy, rents above the metro average, and 2.3% asking rent growth over the past 12 months.
Within 2 miles, the property draws from a vibrant community of more than 195,000 residents, with an average household income above $94,000 and over $1.9 billion in annual consumer spending.
7-9 Watsessing Avenue combines transit access, mixed-use functionality, and dense consumer demand to create a strong platform for operating flexibility and long-term value creation.
Property tours are by appointment only. Please contact the listing broker to schedule.
The property’s location is a defining advantage. Positioned directly adjacent to Watsessing Train Station and less than 1 mile from Grove Street Station, the asset benefits from built-in pedestrian exposure and additional Newark Light Rail access. Immediate proximity to the Garden State Parkway strengthens regional connectivity, while visibility is supported by strong foot traffic, more than 9,300 daily vehicles on Dodd Street, and approximately 179,000 vehicles on the Parkway.
Watsessing functions as a community hub shaped by rail service, Watsessing Park, neighborhood retailers, service businesses, and surrounding residential areas. Nearby restaurants, salons, convenience stores, and service-based retailers deliver strong shopper cross-traffic and supply daily convenience for staff. National brands within five minutes of the property include industry leaders like Home Depot, Aldi, AutoZone Auto Parts, T-Mobile, Chipotle, Jersey Mike’s Subs, and more.
Market fundamentals strengthen the investment narrative. The Bloomfield/Garden State Parkway Retail Submarket reports 2.6% vacancy and 3.9% year-over-year rent growth, while Upper Essex County multifamily conditions remain favorable with 5.6% vacancy, rents above the metro average, and 2.3% asking rent growth over the past 12 months.
Within 2 miles, the property draws from a vibrant community of more than 195,000 residents, with an average household income above $94,000 and over $1.9 billion in annual consumer spending.
7-9 Watsessing Avenue combines transit access, mixed-use functionality, and dense consumer demand to create a strong platform for operating flexibility and long-term value creation.
Property tours are by appointment only. Please contact the listing broker to schedule.
Matterport 3D Tours
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Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Title and Insurance
- Property Information
Market Analytics Click Here to Access
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
2,490 SF
Building Class
C
Year Built/Renovated
1913/2024
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.71
Lot Size
0.08 AC
Parcel Number
02-00094-0000-00029
Zoning
B-2
Moderately walkable
70/100
Moderately drivable
70/100
Exceptional public transit
90/100
Fairly bikeable
50/100
Demographics
Demographics
1 mile
3 mile
5 mile
2025 Population
42,476
386,374
819,363
2020 Population
41,041
382,347
812,958
2030 Population
44,238
400,681
849,003
2025-2030 Projected Population Growth
4.2%
3.7%
3.6%
Daytime Employees
10,565
98,149
279,611
Total Businesses
1,171
13,631
29,970
Average Household Income
$110,919
$99,517
$108,908
Median Household Income
$85,489
$71,338
$75,731
Total Consumer Spending
$480.1M
$3.9B
$8.8B
Median Age
39.2
38.1
38.4
2025 Households
16,571
145,287
305,283
Percent College Degree or Above
21%
17%
19%
Average Home Value
$458,589
$485,452
$542,049
$ values in USD
Nearby Major Retailers
Sale Advisors
Sale Advisors
Alan Cafiero, Senior Managing Director Investments
Alan Cafiero leads the largest team of investment sales agents in the New Jersey Marcus & Millichap office who focus on representing owners and developers in the disposition of commercial real estate assets. Alan specializes in selling net lease properties, retail shopping centers, office and industrial properties in New Jersey and the Northeast. After 14+ years in the business, Alan has closed over 450 transactions totaling over $1.6 Billion of real estate.
Alan graduated from Seton Hall University in 2004 with a B.S. in Business Administration, with a concentration in Finance and Sports Management.
Alan and Ben are the top performing team for Marcus & Millichap in New Jersey. Alan has received Sales Recognition Awards each year from 2011 – 2021, the National Achievement Award each year from 2015 – 2021, and received the Chairman's Club Award in 2021. Alan has twice been named to Mid-Atlantic Real Estate Journal’s Top 40 under 40. Alan is a member of the International Council of Shopping Centers and NAIOP.
Alan graduated from Seton Hall University in 2004 with a B.S. in Business Administration, with a concentration in Finance and Sports Management.
Alan and Ben are the top performing team for Marcus & Millichap in New Jersey. Alan has received Sales Recognition Awards each year from 2011 – 2021, the National Achievement Award each year from 2015 – 2021, and received the Chairman's Club Award in 2021. Alan has twice been named to Mid-Atlantic Real Estate Journal’s Top 40 under 40. Alan is a member of the International Council of Shopping Centers and NAIOP.
David Cafiero, Vice President Investments
David Cafiero is an investment specialist focused on retail properties, shopping centers, and net leased properties. David exclusively represents buyers and sellers of retail investment properties and shopping centers throughout Northern and Central New Jersey as well as net leased properties nationally. David utilizes a client-focused approach to help clients create and preserve wealth in accordance with their financial goals. David’s expertise in retail and net leased properties has helped him create and maintain an effective process for the purchase and sale of his client’s portfolios. In recent years David has closed 40 transactions totaling over $150 million dollars of investment real estate. David graduated from Seton Hall University in 1997 with a Bachelor of Science degree in Accounting, with a Minor in Psychology. David is a licensed New Jersey Real Estate Salesperson. David is also a member of Marcus & Millichap’s Retail Division, Marcus & Millichap's Net Lease Division as well as the International Council of Shopping Centers.
Ian Grusd, Senior Managing Director
Ian is a member and has held leadership positions with both the CCIM Institute and Society of Industrial and Office Realtors (SIOR). Under his leadership as President, SIOR NJ received a National Award for a Community Program related to Hurricane Sandy. He has provided expert testimony for landlord and tenant disputes, real estate tax appeals and property valuations. He is approved by the Supreme Court of New Jersey for Continuing Legal Education to attorneys, is frequently quoted in major industry publications and has spoken at numerous conferences including the Appraisal Institute, RealShare NYC and the CCIM Institute. In addition, he has received multiple awards for SIOR transactions.
Ian is a graduate of Binghamton University, NY and Cornell University, Masters Certificate. He was a member of the USA Men’s Masters soccer team that won Bronze medals at the Maccabiah Games, Israel, Pan Am Games, Chile and Mexico.
Ian is a graduate of Binghamton University, NY and Cornell University, Masters Certificate. He was a member of the USA Men’s Masters soccer team that won Bronze medals at the Maccabiah Games, Israel, Pan Am Games, Chile and Mexico.
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Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
3% Transaction Fee
Based on Winning Bid Amount
Minimum Transaction Fee
$20,000 USD
Maximum Transaction Fee
$300,000 USD
Example Calculation
Winning Bid Amount
$5,000,000 USD
Transaction Fee
$150,000 USD (3%)
Total Purchase Price
$5,150,000 USD
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High-Traffic Retail/Residential Mixed Use | 7-9 Watsessing Ave
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