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Opportunity snapshot · Mixed-Use

57–67 Bridge Street

Newark, NJ 07102 · Block 4, Lots 9 + 119

Mixed-UseWaterfrontVacant LandDowntown Newark
88out of 100

Opportunity score

Very High Potential

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Total site area

102,836 SF / 2.36 acres

Zoning

MU-2 / Mixed-Use 2

Development height

2–10 stories

Current condition

Vacant & Cleared

Development scenarios

Option A vision
Scenario ARecommended direction

Residential + Retail

  • ~250–350 residential units
  • 8–10 stories
  • ~10,000–20,000 SF retail / restaurant
  • Structured parking
  • Waterfront public realm

Preliminary economics

Development cost
~$153.0M
Stabilized value
~$179.2M
Potential value creation
~+$26.1M
Preliminary Development ROI
17.1%
Option B vision
Scenario B

Hotel + Hospitality

  • ~180–250 rooms
  • 8–10 stories
  • Restaurant / bar
  • Meeting / event space
  • Structured parking
  • Waterfront public realm

Preliminary economics

Development cost
~$109.6M
Stabilized value
~$130.4M
Potential value creation
~+$20.8M
Preliminary Development ROI
18.9%
Option C vision
Scenario C

Residential + Hotel + Retail

  • ~100–200 residential units
  • ~150–200 hotel rooms
  • 8–10 stories
  • Retail / dining / amenities
  • Meeting / event space
  • Structured parking
  • Waterfront public realm

Preliminary economics

Development cost
~$154.7M
Stabilized value
~$185.7M
Potential value creation
~+$31.0M
Preliminary Development ROI
20.0%

Recommended direction for further review, not an approval or investment recommendation.

Site + zoning

Site overview
Zoning and development rights

57–67 Bridge Street, Newark, NJ 07102

Site area
102,836 SF / 2.3608 acres
Block / lots
Block 4, Lots 9 + 119
Zoning
MU-2 / Mixed-Use 2
Development height
2–10 stories
Current condition
Vacant & Cleared
Setting
Waterfront

Risks & constraints

Constraints and opportunities

Flood

NJDEP / FEMA review

Review

Environmental

Further investigation

Review

Tidelands

Further review

Review

Drainage easement

Northern site constraint

Review

Waterfront

Public-access requirements

Review

Entitlements

Detailed confirmation

Review

Access / parking

Scenario-dependent

Review

Market

Scenario-dependent

Review

Buildable envelope + site strategy

Buildable envelope and site strategy
  • Development zone
  • Waterfront public realm
  • Primary access
  • Retail / active frontage
  • Parking / service
  • Riverwalk
  • Easement / constraint area

Preliminary feasibility model

Residential + Retail

Development cost
~$153.0M
Stabilized value
~$179.2M
Potential value creation
~+$26.1M
Preliminary Development ROI
17.1%
Project IRR
7.3%
Yield on cost
6.2%
Development spread
0.9%
Development waterfall
  1. Value~$179.2M
  2. Planning land basis~$7.00M
  3. Hard + site + parking~$120.6M
  4. Soft costs~$12.1M
  5. Contingency~$6.03M
  6. Financing / carry~$7.29M
  7. Profit~$26.1M
Cost breakdown
  • Planning land basis4.6%
  • Hard + site + parking78.8%
  • Soft costs7.9%
  • Contingency3.9%
  • Financing / carry4.8%

The base case indicates a development margin. Refine the program, acquisition terms and delivery scope in feasibility.

Model assumptions

Market + location context

Location and investment context
  • Downtown Newark
  • Waterfront
  • Transit access
  • Employment + entertainment
  • Regional connectivity
  • Residential demand
  • Retail / hospitality potential

OpLot underwriting assumptions / comparison ranges, not observed market statistics.

Residential rent

$3,100

per unit / month

Low2,790
Base3,100
High3,410

Retail rent

$35

per SF / year

Low28
Base35
High42

Vacancy

4.0%

stabilized allowance

Low2
Base4
High6

Cap rate

5.25%

blended valuation

Low4.75
Base5.25
High5.75

Feasibility & Due Diligence Roadmap

Next-stage reviews to pursue with your project team.

Next-stage review
  1. 01

    Zoning & entitlement confirmation

  2. 02

    Survey + easement review

  3. 03

    Flood / NJDEP review

  4. 04

    Environmental screening

  5. 05

    Tidelands review

  6. 06

    Utility + geotechnical review

  7. 07

    Refine development yield

  8. 08

    Market validation

  9. 09

    Development cost validation

  10. 10

    Financial feasibility

Take the opportunity analysis further with property-specific zoning, development and financial review.

Request feasibility review

Next steps

  1. 01Confirm zoning + use requirements
  2. 02Review survey + easements
  3. 03Refine development yield
  4. 04Validate market + cost assumptions
  5. 05Proceed with feasibility review
Request feasibility review

Interested in this property?

Listing / transaction

Contact the Listing Team

For pricing, availability, property access, or transaction information, contact the exclusive listing representatives.

Exclusive Listing Brokers

The Blau & Berg Company

Asking price

Contact Broker

OpLot feasibility

Explore Development Feasibility

Develop the strongest direction with property-specific zoning, development and financial review.

  • Refine development yield
  • Review zoning + constraints
  • Validate development costs
  • Test financial feasibility
  • Coordinate next steps
Request feasibility review

From opportunity to feasibility

OpLot uses public information and early-stage analysis to uncover development potential. A property-specific review is the next step.

  1. 1Public data
  2. 2OpLot analysis
  3. 3Development vision
  4. 4Feasibility review
  5. 5Due diligence / project team
  6. 6Development decision
Sources, assumptions & important information

OpLot provides preliminary opportunity analysis for early-stage exploration. Property, zoning, development, market and financial information should be independently verified before making investment or development decisions.

Unless otherwise identified, analysis graphics, development diagrams, massing studies and development illustrations presented within OpLot property analyses are created by OpLot using publicly available information, supplied information and preliminary site analysis.

Public information used

Supplied OpLot property research

City of Newark: River Public Access Redevelopment PlanNewark Division of Planning & ZoningNewark Central Planning BoardNJDEP REAL rulesNJDEP Flood Indicator ToolNJDEP Tidelands

Planning and market assumptions

Program and massing explore the supplied MU-2 site study. Survey, construction type, parking, rents and the entitlement path inform the next-stage review. The opportunity score represents development potential, not an investment return.

Graphics are OpLot studies; existing property photos and listing information retain their original provenance.

Financial assumptions and calculation method
  • Opportunity planning programs: A tests 375 apartments plus 15,000 SF retail; B tests 225 hotel rooms plus 8,000 SF separately leased retail; C tests 175 apartments, 175 hotel rooms and 15,000 SF retail. These financial tests do not revise the concept drawings or establish approved capacity.
  • Planning Land Basis - not broker asking price: $7M in each case. Actual acquisition terms are unknown. No assessed value, incentive or subsidy is used as purchase price.
  • Apartments average 700 net SF. Residential and leased retail net area divided by 86% efficiency gives non-hotel gross area. Hotels use 950 gross SF/room including hotel-operated dining, meeting space and support. Parking is separate. Building rates are $335/GSF for A and $340/GSF for B/C; scope assumes all-in building works and hotel fit-out/FF&E, subject to contractor and operator validation.
  • Structured/shared parking tests: A 263 spaces (0.70/unit), B 150 spaces and C 220 shared spaces, each at $32,500. Site/waterfront works allowance is $4M. Soft costs 10% and contingency 5% apply to hard/site/parking costs. Carry 5% applies to all pre-carry uses. These allowances require scope, financing and entitlement review.
  • Apartments use $3,100/month, 4% vacancy and 32% expenses; leased retail uses $35/SF/year and the same vacancy/expense allowances. Residential cap is 5.25%; retail cap is 6%. No other residential income is included.
  • Hotel upside test: $240 ADR, 75% occupancy, F&B 45% and meeting/events 15% of room revenue. Events exclude catering already counted in F&B; separately leased retail is excluded from hotel revenue. Operating/fixed expenses including franchise costs are 58%, management 3% and reserves 4% of total hotel revenue, leaving 35% NOI. This strong full-service trading mix and 6.5% hotel cap are unverified opportunity assumptions requiring an operator study, not market evidence or a valuation.
  • Mixed-use value sums each component NOI divided by its own cap. Effective cap = total NOI / summed value; blended development spread = yield on cost minus effective cap. No residential cap is applied to hotel income.
  • Value creation = value less cost; development ROI = value creation / cost; yield = NOI / cost. Sensitivity uses actual recalculated outputs, including negative downside results. Headline results are never targets inserted into formulas.
  • Unlevered project IRR uses land at month zero, monthly development draws, 50%-100% ramped NOI and terminal value less 2% disposition costs. A uses 36 + 12 months, B 36 + 18, C 42 + 18. Carry is counted once; 60% debt is a funding illustration only. These schedules calculate lower IRRs than the requested 14%-18% targets; no leverage or compressed schedule is used to imply otherwise.

Items to confirm during feasibility

  • Flood exposure
  • Environmental condition
  • Tidelands review required
  • Public riverfront access
  • Drainage easement
  • Development envelope
  • Site access
  • Parking provision
  • Ground conditions
  • Utility capacity
  • Construction strategy
  • Market feasibility
  • Financial feasibility
Request feasibility review
57–67 Bridge Street Opportunity Snapshot | OpLot