Downtown Cranford Strip For
8 Eastman St Cranford, NJ
For Sale
Contact for pricing
Fully occupied 8,734 SF strip mall in downtown Cranford.
Property Size8,734 SF
Lot Size0.22 Acres
Price / SF$314.86
Days on Market587
Property Features for 8 Eastman St
General Information
Standard status
Active
Size
8,734 SF
Lot size
0.22 Acres
Property subtype
RETAIL
Listing Agency:
Marcus & Millichap | New Jersey
(201) 742-6118
Listed By:
Alan Cafiero · License #0791092
(201) 742-6118
Source:
Moodyscre
Added: Dec 20, 2024
Changed: Jul 6
Last Checked: Jul 21 at 5:57AM
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 Marcus & Millichap | New Jersey
Investment Insights
Based on property information with market context.
This is a fully occupied, approximately 8,734 square foot strip mall located in downtown Cranford, Union County, New Jersey. The property benefits from an A+ downtown location, situated a one-minute walk from NJ Transit at the signalized intersection of Eastman Street and North Avenue West, with over 15,600 vehicles passing per day. Constructed with block, the property is currently occupied by three tenants who were in place before the pandemic and have had zero payment issues. They operate on modified gross leases, reimbursing for taxes and insurance expenses, and are responsible for individual expenses and HVAC unit repairs. Downtown Cranford is known for its restaurants and specialty shops and has experienced tremendous growth in recent years. The location benefits from strong demographics, with over 431,000 people within a five-mile radius and an average household income exceeding $167,000 within one mile.
Key Highlights
- A+ Downtown Location: Just a 1‑minute walk to NJ Transit, at a signalized intersection with high visibility (15,600 VPD).
- 100% Occupied Strip Center in Cranford, Union County, New Jersey.
- Strong Demographics: Over 431,000 people within 5 miles, with an average household income exceeding $167,000 within 1 mile.
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $188.7k | $21.60 |
| − Vacancy | −$10.6k | −$1.21 |
| EGI | $178.1k | $20.39 |
| − OpEx | −$53.4k | −$6.12 |
| NOI | $124.7k | $14.27 |
8,734 SF · lease $21.60/SF/yr · vacancy 5.60% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.78M
$1.56M – $2.08M
NOI $124,663 @ 7.0% cap · market cap 4.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.28M
$2.00M – $2.66M
NOI $159,644 @ 7.0% cap · market cap 5.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Strip mall - Fully occupied 8,734 SF strip mall in downtown Cranford.
Where is this strip mall located?
The property is located at 8 Eastman St Cranford, NJ.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: A+ Downtown Location: Just a 1‑minute walk to NJ Transit, at a signalized intersection with high visibility (15,600 VPD).; 100% Occupied Strip Center in Cranford, Union County, New Jersey.; Strong Demographics: Over 431,000 people within 5 miles, with an average household income exceeding $167,000 within 1 mile.
