Mixed-Use Flex Property For
For Sale
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117 Fort Lee Rd, Leonia, NJ 07605
Renovated mixed-use flex property with car wash, office, industrial space.
Property Size21,945 SF
Price / SF$239.23
Days on Market165
Property Features for 117 Fort Lee Rd
General Information
Standard status
Active
Size
21,945 SF
Class
B
Property subtype
Mixed Use
Occupancy
95%
Building Details
Stories
2
Units
20
Listing Agency:
Cervelli Real Estate & Property Management
(201) 868-6300
Listed By:
Chris Cervelli · License #9807944
Source:
Crexi
Added: Feb 27
Changed: Aug 8
Last Checked: Aug 10 at 1:51PM
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 Cervelli Real Estate & Property Management
Investment Insights
Based on property information with market context.
This renovated mixed-use flex property is located in Bergen County, adjacent to Overpeck County Park. The property, totaling 21945 square feet, features a combination of car wash, office, and industrial space, along with private parking. The building has high occupancy with upside potential. Enhancements include new windows, an updated exterior facade, and renovated common areas. The property is located 2 miles from the George Washington Bridge and 1.5 miles from the NJ Turnpike and Route 80 interchange. It is also located directly across from a proposed light rail station with a planned connection to Hoboken.
Key Highlights
- Prime Bergen County location adjacent to Overpeck County Park.
- High occupancy with clear upside potential.
- Renovated with new windows, updated exterior facade, and renovated common areas.
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
$335,759
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
6.40%
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%
$6,715,180
$6.7M
Cap Rate 7%
$4,796,557
$4.8M
Cap Rate 9%
$3,730,656
$3.7M
Market Conditions
NOI Build-Up for 21,945 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
$658.4K $30.00/SF
− Vacancy
−$210.7K −$9.60/SF
EGI
$447.7K $20.40/SF
− OpEx
−$111.9K −$5.10/SF
NOI
$335.8K $15.30/SF
Area
Bergen County, NJ
Vacancy
32.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
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%
$6,715,180
Cap Rate 7%
$4,796,557
Cap Rate 9%
$3,730,656
Alternative Uses
Best Use
Office B
$4.80M
$4.20M – $5.60M
NOI $335,759 @ 7.0% cap · market cap 6.40%
Second Best
Specialty Retail
$4.79M
$4.20M – $5.59M
NOI $335,600 @ 7.0% cap · market cap 6.39%
Theoretical Best
Office A
$5.73M
$5.01M – $6.69M
NOI $401,119 @ 7.0% cap · market cap 7.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
672
Businesses Nearby
Explore this area
Business Placement
Demographics for 07605, NJ
9,324
Population
3,581
Households
2.6
Avg Household Size
44
Median Age
61%
College-Educated
92%
High-School Grad
1.5 sq mi
ZIP Area
6,216
Density / Sq Mi
$115,476
Median Household Income
$66,632
Median Earnings
$2,122
Median Rent
$634,500
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?
Mixed-use property - Renovated mixed-use flex property with car wash, office, industrial space.
Where is this mixed-use property located?
The property is located at 117 Fort Lee Rd Leonia, NJ.
What is the asking price?
The asking price for this property is $5,250,000.
What are key features of this property?
This property features: Prime Bergen County location adjacent to Overpeck County Park.; High occupancy with clear upside potential.; Renovated with **new windows, updated exterior facade, and renovated common areas.**
