Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    117 Hoover Ave Bloomfield, NJ 7003

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $750,000

    Land parcel with development potential in Nutley, New Jersey.

    Type:Land or Vacant Lot
    Lot size:
    0.16 Acres
    Added:
    Feb 6, 2026
    Days on Market:
    74
    Last Refresh:
    Apr 5 at 9:47 pm

    Property Features for 117 Hoover Ave

    General Information

    Standard status
    Active
    Lot size
    0.16 Acres
    Property subtype
    Land or Vacant Lot

    We can help!

    Listing Contact
    MICHAEL VERA-SILVA

    Listing agent MICHAEL VERA-SILVA

    Listing office REALTY ONE GROUP PARAMOUNT

    Listing date Feb 6, 2026

    Source Corcoran

    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 REALTY ONE GROUP PARAMOUNT

    Overview

    Land Parcel For Sale

    This offering presents a unique opportunity to acquire a rear parcel, available in conjunction with 129 Pake Street in Nutley. The property holds potential for future development, expansion, or new construction. This land provides multiple opportunities, including planning for future development while living in the home, expanding the property footprint, or holding for long-term appreciation, making it a potential investment.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Bloomfield
    County
    Essex
    State
    New Jersey
    Longitude
    -74.181
    Latitude
    40.8111

    Nearby Similar for Sale

    • $942,500

      Bloomfield Two-Family Home with Garage

      Well-maintained two-family home with detached garage in Bloomfield, NJ.
      81 Berkeley Ave, Bloomfield Twp., NJ 07003-5701
      View Details
    • $1,300,000
      8,000 SF

      Bloomfield Retail Opportunity

      Retail property for sale in Bloomfield Twp., NJ.
      606 Bloomfield Ave, Bloomfield Twp., NJ 07003-2510
      View Details
    • $749,900

      Renovated Multi-Family Home

      Renovated two-family home with rental income potential.
      80 BELLEVILLE AVE, Bloomfield Twp., NJ 07003-5271
      View Details
    • $780,000

      Bloomfield Multi-Family Investment Opportunity

      Well-maintained Bloomfield multi-family home with income potential.
      169 Walnut St, Bloomfield Twp., NJ 07003-5031
      View Details
    • $638,800

      Renovated Duplex Near Bloomfield Center

      Meticulously renovated duplex near Bloomfield's vibrant town center and NYC transit.
      35 Hickory St, Bloomfield Twp., NJ 07003-5027
      View Details
    • $1,200,000

      Bloomfield Multi-Family Corner Lot Home

      Two-family home near Bloomfield transit with flexible multi-level layout.
      7 Maple St, Bloomfield Twp., NJ 07003-3601
      View Details
    • $799,995
      2,300 SF

      Bloomfield Twp. Commercial Property

      Commercial property in Bloomfield Twp. with redevelopment potential.
      591 Bloomfield Ave, Bloomfield Twp., NJ 07003-2502
      View Details
    • $875,000
      4,993 SF

      Bloomfield Commercial Building on Broad

      Commercial building in vibrant Bloomfield location with high foot traffic.
      1012 Broad St, Bloomfield Twp., NJ 07003
      View Details
    • $500,000

      Bloomfield Twp. Buildable Lots

      Two buildable lots in well-established neighborhood.
      42 Mill St, Bloomfield Twp., NJ 07003-3917
      View Details
    • $2,000,000

      Bloomfield Mixed-Use Commercial Building

      Renovated mixed-use property with six income-generating rentals in Bloomfield.
      19 Franklin St, Bloomfield Twp., NJ 07003-5709
      View Details
    • $1,399,900
      3,400 SF

      Bloomfield Mixed-Use Investment Opportunity

      Two-story building with retail, residential, and office units.
      545 Bloomfield Ave, Bloomfield Twp., NJ 07003-3301
      View Details
    • $585

      Bloomfield Office Space For Sale

      Office building with flexible suite configurations and parking included.
      295 Montgomery St, Bloomfield Twp., NJ 07003
      View Details

    FAQs

    What type of property is this?
    Land - Land parcel with development potential in Nutley, New Jersey.
    Where is this land located?
    The property is located at 117 Hoover Ave Bloomfield, NJ.
    What is the asking price?
    The asking price for this property is $750,000.
    What are key features of this property?
    This property features: Additional rear parcel included, expanding the property; Exceptional potential for future development; Opportunity for expansion or new construction
    (201) 347-3255
    We can help!
    Listing Contact
    MICHAEL VERA-SILVA
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!