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    The Largest CRE Database in the US with Over 1 Million Listings

    45 Legion Dr Cresskill, NJ 07626

    Sponsored
    For Sale
    $2,649,000

    NJ Office Space: $2.65M, Excellent Opportunity

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    368
    This exceptional office building, located at 45 Legion Drive in Cresskill, New Jersey, presents a compelling investment opportunity. Priced at $2,649,000, the property offers significant potential for a variety of commercial uses. While the exact square footage is not currently specified, the building sits on a zero-acre lot, suggesting a compact and potentially highly efficient layout. Its prime Cresskill location offers easy access to major transportation routes, ensuring convenient commutes for employees and clients alike. The building's condition and specific features are not detailed in the available information, however, the asking price reflects a strong value proposition in the competitive Cresskill commercial real estate market. Further due diligence is recommended to fully assess the property's potential. Interested parties are encouraged to conduct thorough inspections and review all relevant documentation before making an offer. This property is being offered as-is, and the seller makes no warranties or representations regarding the property's condition or suitability for any particular use. The absence of specified square footage necessitates a site visit to accurately determine the usable space. This presents a unique chance to acquire a well-situated commercial property in a desirable New Jersey location. Serious inquiries only.

    Property Features for 45 Legion Dr

    General Information

    Property type
    Office Properties & Spaces

    We can help!

    Listing Contact
    Andrew Papanestor

    Learn more

    Property Insight Report
    Property Profile Location Intelligence

    Current Use by Public Records

    RD Legal Funding, ... Bank PlaySight Inc Corporate Office Bond Home by ... (Bike/Boat/Book/etc) Store Olibra LLC Construction Company RLA Creative Marketing & Advertising

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cresskill
    County
    Bergen
    State
    New Jersey
    Longitude
    -73.96091
    Latitude
    40.93841

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    Nearby Similar for Sale

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      Cresskill Office Building For Sale

      Well-maintained office building in downtown Cresskill, suitable for user/investors.
      45 Legion Dr, Cresskill, NJ 07626
      View Details

    FAQs

    What type of property is this?
    Office Property / Space - NJ Office Space: $2.65M, Excellent Opportunity
    Where is this office property / space located?
    The property is located at 45 Legion Dr Cresskill, NJ.
    What is the asking price?
    The asking price for this property is $2,649,000.
    (201) 567-5400
    Request Owner's contact information
    45 Legion Dr Cresskill, NJ 07626
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    Cresskill, NJ 07626
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    45 Legion Dr Cresskill, NJ 07626
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    We can help!
    Listing Contact
    Andrew Papanestor
    (201) 567-5400
    Learn more
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