Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    515 N Michigan Ave Kenilworth, NJ 07033

    Loading data...
    Loading data...
    Loading data...
    For Lease
    $16 SF/Yr

    23,400 SF warehouse with retail and wholesale zoning.

    Property size:
    23,400 SF
    Lot size:
    1.11 Acres

    Property Features for 515 N Michigan Ave

    General Information

    Size
    23,400 SF
    Lot size
    1.11 Acres

    We can help!

    Listing Contact
    Rick Marchisio
    Source: Moodyscre

    Listing Agent: Rick Marchisio

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

    Learn more

    Overview

    Kenilworth Warehouse with Retail Zoning

    This 23,400 square foot building offers 3,500 square feet of office space and sits on 1.09 acres. The warehouse features three loading docks and two drive-in doors, each measuring 14 feet by 18 feet. The ceiling height is 21 feet clear. There is parking for 35+ cars. A 2-ton crane is included. The zoning permits retail, wholesale, and warehouse uses.
    Location Intelligence

    Current Use by Public Records

    Super Bread II ... Bakery

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Similar Places Nearby

    Access Self Storage, IOQ, Reposession Specialist, Integrated Moving Solutions inc, Straight Forward Moving

    Location Insight

    • Map
    • Local Demand
    City
    Kenilworth
    County
    Union
    State
    New Jersey
    Longitude
    -74.2935165
    Latitude
    40.6865031

    Nearby Similar for Lease

    • Contact for pricing
      40,000 SF

      Kenilworth Industrial Space For Lease

      Industrial space for lease in Kenilworth, New Jersey.
      251 Monroe Ave, Kenilworth, NJ 07033
      View Details
    • $10 SF/Yr
      30,000 SF

      Kenilworth Industrial/Office Space

      Flex & Executive Office Space in NJ
      185 Sumner Ave, Kenilworth, NJ 07033
      View Details
    • $2,200 /Mo

      Kenilworth Retail/Office Commercial Space

      1,700 sq ft open layout in Kenilworth's commercial district.
      340 Monroe Ave, Kenilworth, NJ 07033
      View Details
    • Contact for pricing
      2,000 SF

      Kenilworth Retail/Office Space Available

      2,000 SF retail/office space in Kenilworth, NJ for lease.
      303 N 14Th St, Kenilworth, NJ 07033
      View Details
    • $7,718 /Mo

      Prime Retail Space with Drive-Through

      High-visibility commercial building with drive-through in downtown Kenilworth.
      470 Boulevard, Kenilworth, NJ 07033
      View Details
    • Contact for pricing
      8,000 SF

      Route 22 East Retail Space

      High-traffic Kenilworth retail space available
      2526 Rte 22, Kenilworth, NJ 07033
      View Details
    • $5 SF/Yr
      10,000 SF

      Kenilworth Warehouse and Office Space

      Warehouse and office space available for lease in Kenilworth.
      100-112 N 10Th St, Kenilworth, NJ 07033
      View Details
    • $16 SF/Yr
      15,000 SF

      Kenilworth Office/Medical Space Available

      First floor office/medical space for lease in Kenilworth, NJ.
      37 Market St, Kenilworth, NJ 07033
      View Details
    • $3,000 /Mo
      1,500 SF

      Kenilworth Warehouse Space Available

      1,500 SF warehouse space for rent, flexible lease term.
      34 Washington Ave, Kenilworth, NJ 07081
      View Details
    • Contact for pricing
      53,459 SF

      Kenilworth Office Space Available

      53,459 SF office space for rent in Kenilworth.
      11 Nest Galloping Hl Rd, Kenilworth, NJ
      View Details
    • Contact for pricing
      26,558 SF

      Kenilworth Office Space Available

      26,558 SF office space for rent in Kenilworth.
      5 Nest Galloping Hl Rd, Kenilworth, NJ
      View Details

    FAQs

    What type of property is this?
    Warehouse - 23,400 SF warehouse with retail and wholesale zoning.
    Where is this warehouse located?
    The property is located at 515 N Michigan Ave Kenilworth, NJ.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: - Zoning permits for Retail, Wholesale, and Warehouse Uses; - 23,400 SF Available; - Features 3 Loading Docks
    (908) 930-7306
    Request Owner's contact information
    515 N Michigan Ave Kenilworth, NJ 07033
    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.
    515 N Michigan Ave
    Kenilworth, NJ 07033
    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
    515 N Michigan Ave Kenilworth, NJ 07033
    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!
    Listing Contact
    Rick Marchisio
    (908) 930-7306
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.