Divided Warehouse
For Sale
Contact for pricing
1138 Grove St, Irvington, NJ 07111
Interior areas include a kitchen, restrooms, vestibule, hallways, and three ballroom sections.
Property Size21,000 SF
Price / SF$0.48
Days on Market92
Property Features for 1138 Grove St
General Information
Standard status
Active
Size
21,000 SF
Building Details
Year Built
1942
Listing Agency:
HOMESMART FIRST ADVANTAGE
Listed By:
NNANNA CHARLES OKORO
(973) 577-1299
Source:
Goldstandardrealty
Added: Jul 20
Changed: Oct 13
Last Checked: Oct 19 at 12:20PM
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 HOMESMART FIRST ADVANTAGE
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Investment Insights
Based on property information with market context.
The 21,000-square-foot building was constructed in 1942 and began as an open warehouse. Its interior was later reconfigured with a kitchen, restrooms, vestibule, hallways, and three ballroom areas.
The property is located at 1138 Grove St in Irvington Township, New Jersey. Municipal approval was not granted for use as a banquet hall, an important consideration when evaluating the existing layout and future use.
The property is located at 1138 Grove St in Irvington Township, New Jersey. Municipal approval was not granted for use as a banquet hall, an important consideration when evaluating the existing layout and future use.
Key Highlights
- 21,000‑square‑foot warehouse building
- Built in 1942
- Originally configured as an open warehouse
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$292,203
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,844,060
$5.8M
Cap Rate 7%
$4,174,329
$4.2M
Cap Rate 9%
$3,246,700
$3.2M
Market Conditions
NOI Build-Up for 21,000 SF
Gross rent
$370.4K $17.64/SF
− Vacancy
−$26.7K −$1.27/SF
EGI
$343.8K $16.37/SF
− OpEx
−$51.6K −$2.46/SF
NOI
$292.2K $13.91/SF
Area
Essex County, NJ
Vacancy
7.20%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,844,060
Cap Rate 7%
$4,174,329
Cap Rate 9%
$3,246,700
Alternative Uses
Best Use
Warehouse
$4.17M
$3.65M – $4.87M
NOI $292,203 @ 7.0% cap · market cap 2,922.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.48M
$4.80M – $6.40M
NOI $383,846 @ 7.0% cap · market cap 3,838.46%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,987
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07111, NJ
61,176
Population
24,176
Households
2.5
Avg Household Size
36
Median Age
22%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
21,095
Density / Sq Mi
$59,232
Median Household Income
$37,640
Median Earnings
$1,324
Median Rent
$291,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Northeast region
Similar Off Market Nearby
- Coit Storage Facility — 267 Coit St #275, Irvington, NJ 07111
- Rhodes Storage Units — 647 Stuyvesant Ave., Irvington, NJ 07111
- CMS Records Management — Irvington, NJ 07111
Frequently Asked Questions
What type of property is this?
Warehouse - Interior areas include a kitchen, restrooms, vestibule, hallways, and three ballroom sections.
Where is this warehouse located?
The property is located at 1138 Grove St Irvington, NJ.
What are key features of this property?
This property features: 21,000‑square‑foot warehouse building; Built in 1942; Originally configured as an open warehouse
