Flexible Mixed-Use Asset in New York MSA 554 Bloomfield Ave

554 Bloomfield Avenue presents the market with a rare opportunity to acquire a mixed-use building in Bloomfield, New Jersey. The building totals 23,840 square feet spread across four stories. The building is leased to a diverse tenant roster with a healthy mix of internet-resistant service-based tenants. Businesses operating at the property include daycare, medical offices, and general office users across several industries like finance and law. The property offers a new ownership with immense value via the high-occupancy nature of the property alongside value-add potential via further lease-up. The spaces within the building are flexible and can accommodate a wide range of tenants. Specifically, the first-floor spaces could support retail or office users who contribute access to a larger tenant pool.

554 Bloomfield Avenue is in a highly connected location just north of Newark, New Jersey, along the city's primary commercial corridor. The building is surrounded by a rich array of large-scale apartment buildings, with six in the immediate vicinity. This commercial and multifamily residential cluster is based directly off Garden State Parkway. A critical commuter route that runs through New Jersey and provides access to essential interchanges to reach downtown New York City. This area of Bloomfield is rich with local establishments like restaurants and shops that create a main street feel. These establishments thrive thanks to the dense surrounding population. Within 5 miles, a robust population of over 730,000 people earns roughly $96,000 annually per household. This area has spent almost $8 billion in 2023 alone, setting the economic baseline for continued success across all industries.

The Bloomfield Submarket has continuously shown ideal statistics thanks to its thriving urban setting. The vacancy rate has decreased to just 5.7%, a 0.3% reduction from this time last year. Bloomfield steadily outpaces the overall market vacancy rate of 13.3%, showing the desirability of spaces in the connected setting. Rents have spiked 1.2% over the past 12 months as the availability continues to shrink, forcing tenants to grapple for the remaining space on the market. Do not miss the opportunity to acquire this critical piece of flexible real estate in the desirable Bloomfield, New Jersey.

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