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

    471 Prospect Ave West Orange, NJ 07052

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Retail property available for sale in West Orange, NJ.

    Lot size:
    4.34 Acres

    Property Features for 471 Prospect Ave

    General Information

    Lot size
    4.34 Acres

    We can help!

    Listing Contact
    John Horowitz
    John Horowitz
    Source: Moodyscre

    Listing Agency: Marcus & Millichap | Manhattan Listing Agent: John Horowitz

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Retail Property in West Orange

    This retail property is located at 471 Prospect Ave in West Orange, New Jersey. The property is intended for retail use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail properties & Spaces

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    West Orange
    County
    Essex
    State
    New Jersey
    Longitude
    -74.2550903
    Latitude
    40.7907821

    Nearby Similar for Sale

    • $350,000
      800 SF

      West Orange Retail Investment Opportunity

      Two retail units for sale in West Orange Township, NJ.
      427 Main St, West Orange, NJ 07052
      View Details
    • Contact for pricing
      0.13 Acres

      Renovated Commercial Space, West Orange

      Turn-key commercial space in the heart of West Orange.
      43 Washington St, West Orange, NJ 07052
      View Details
    • $815,000
      2,461 SF

      West Orange Medical Building For Sale

      Two-story medical building near Cooperman Barnabas Medical Center.
      767 Northfield Ave, West Orange, NJ 07052
      View Details
    • $1,100,000
      1,579 SF

      Established Tavern with Residential Apartment

      Well-established tavern with liquor license, kitchen, and residential apartment.
      45 Freeman St, West Orange, NJ 07052
      View Details
    • $1,100,000
      0.06 Acres

      Established Tavern with Liquor License

      Turnkey tavern with real estate, liquor license, and residential apartment.
      45 Freeman St, West Orange, NJ 07052
      View Details
    • $30,000
      1,300 SF

      West Orange Retail Business Opportunity

      Fully equipped hair salon with rooms for additional services.
      310 Main St, West Orange, NJ 07052
      View Details
    • $550,000
      0.07 Acres

      Three-Story Multi-Family Home

      Two-family home with bonus third-floor unit, sold as-is.
      425 Main St, West Orange, NJ 07052
      View Details
    • New
      $799,900
      Pending

      West Orange Multi-Family Property

      Multi-family property for sale in West Orange Twp., NJ.
      32 Edisonia Ter, West Orange, NJ 07052
      View Details
    • Contact for pricing

      Medical Building For Sale

      10,000 SF medical building with lease opportunity.
      1001 Pleasant Valley Way, West Orange, NJ 07052
      View Details
    • Contact for pricing

      Medical Building For Sale

      10,000 SF medical building with lease opportunity.
      1001 Pleasant Valley Way, West Orange, NJ 07052
      View Details
    • Contact for pricing
      19,263 SF

      Two-Story Office/Medical Building For Sale

      Two-story office/medical building with finished basement and ample parking.
      416 Pleasant Valley Way, West Orange, NJ 07052
      View Details
    • Contact for pricing
      10,000 SF

      Medical Building For Sale

      10,000 SF medical building with space for lease.
      1001 Pleasant Valley Way, West Orange, NJ 07052
      View Details

    FAQs

    What type of property is this?
    Retail property - Retail property available for sale in West Orange, NJ.
    Where is this retail property located?
    The property is located at 471 Prospect Ave West Orange, NJ.
    What are key features of this property?
    This property features: - Retail property for sale; - Located in West Orange, NJ
    (212) 430-5100 Call to check price and availability
    Request Owner's contact information
    471 Prospect Ave West Orange, NJ 07052
    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.
    471 Prospect Ave
    West Orange, NJ 07052
    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
    471 Prospect Ave West Orange, NJ 07052
    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

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing John Horowitz
    John Horowitz
    (212) 430-5100 (212) 430-5260
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!