Versatile Brick Office
For Sale
$799,000
111 Lexington Ave, Passaic, NJ 07055
5,100 sq. ft. brick office building with versatile zoning.
Property Size5,100 SF
Price / SF$156.67
Days on Market187
Property Features for 111 Lexington Ave
General Information
Standard status
Active
Size
5,100 SF
Listing Agency:
DWELL REALTY
(973) 542-8333
Listed By:
MIRIAM LEBOVITS
(862) 668-1152
Source:
Exprealty
Added: Mar 6
Changed: Sep 8
Last Checked: Jul 16 at 2:56PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of DWELL REALTY
Investment Insights
Based on property information with market context.
This 5,100 sq. ft. brick office building offers a prime investment opportunity. It features OR zoning, which allows for residential, retail, office, banking, dining, and other uses. The building includes a basement with a storage room and will be delivered vacant. It is being sold together with a 13-spot parking lot located across the street.
Key Highlights
- Versatile OR zoning allows for residential, retail, office, banking, dining, and more.
- 5,100 sq. ft. brick office building.
- Includes a 13‑spot parking lot located across the street.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$72,794
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.11%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,455,880
$1.5M
Cap Rate 7%
$1,039,914
$1.0M
Cap Rate 9%
$808,822
$808.8K
Market Conditions
NOI Build-Up for 5,100 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$110.2K $21.60/SF
− Vacancy
−$6.2K −$1.21/SF
EGI
$104.0K $20.39/SF
− OpEx
−$31.2K −$6.12/SF
NOI
$72.8K $14.27/SF
Area
Passaic County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,455,880
Cap Rate 7%
$1,039,914
Cap Rate 9%
$808,822
Alternative Uses
Best Use
Office B
$1.11M
$975.4K – $1.30M
NOI $78,030 @ 7.0% cap · market cap 9.77%
Second Best
Specialty Retail
$1.11M
$974.9K – $1.30M
NOI $77,993 @ 7.0% cap · market cap 9.76%
Theoretical Best
Office A
$1.33M
$1.17M – $1.55M
NOI $93,220 @ 7.0% cap · market cap 11.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,596
Businesses Nearby
Explore this area
Business Placement
Demographics for 07055, NJ
70,518
Population
21,019
Households
3.4
Avg Household Size
32
Median Age
17%
College-Educated
67%
High-School Grad
3.1 sq mi
ZIP Area
22,748
Density / Sq Mi
$56,780
Median Household Income
$30,935
Median Earnings
$1,392
Median Rent
$406,500
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - 5,100 sq. ft. brick office building with versatile zoning.
Where is this office building located?
The property is located at 111 Lexington Ave Passaic, NJ.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Versatile OR zoning allows for residential, retail, office, banking, dining, and more.; 5,100 sq. ft. brick office building.; Includes a 13‑spot parking lot located across the street.
