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
    The Largest CRE Database in the US with Over 1 Million Listings

    385 E Main St, Unit 2 Somerville, NJ 08876

    Loading data...
    Loading data...
    Loading data...
    For Lease
    $2,850 /Mo

    Multifamily unit for rent with one parking space included.

    Lot size:
    0.13 Acres

    Property Features for 385 E Main St

    General Information

    Lot size
    0.13 Acres

    Building Details

    Year built
    1920

    We can help!

    Listing Contact
    Daisy Mellisa Cristales
    Source: Elliman

    Listing Agent: Daisy Mellisa Cristales

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

    Learn more

    Property Insight Report

    Overview

    Somerville Multifamily Unit For Rent

    This multifamily unit is available for rent and allows small pets. The rental includes one parking space. Application requirements include an NTN Report, one month's proof of income, the two most recent bank statements, and a one-month security deposit.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Suggested Use

    Restaurant Law Firm Realty agency Spa & Massage Hair Salon Dental Office Clothing Store Nail Salon Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Somerville
    County
    Somerset
    State
    New Jersey
    Longitude
    -74.594055
    Latitude
    40.565323

    Nearby Similar for Lease

    • $1,750 /Mo

      Branchburg Office Suite For Rent

      Move-in ready office suite in Robbins Business Center.
      1018 Us Highway 202, Somerville, NJ 08876
      View Details
    • $2,000 /Mo
      8,712 SF

      Somerville Professional Office Space Available

      Prime downtown Somerville office space, ideal for various professionals.
      102 Grove St, Somerville, NJ 08876
      View Details
    • $950 /Mo
      10,454 SF

      Modern Office Space, Somerville Boro

      Recently renovated office space in a prime Somerville location.
      4 E Cliff St, Somerville, NJ 08876
      View Details
    • $1,700 /Mo
      1,200 SF

      Readington Commercial Space for Rent

      Commercial space ideal for contractor storage and vehicle parking.
      3571 Rte 22, Somerville, NJ 08876
      View Details
    • $2,602 /Mo
      8,988 SF

      Turnkey Medical/Office Space on US 206

      Ready-to-use medical/office space in a high-visibility location.
      3461 Us Highway 22, Somerville, NJ 08876
      View Details
    • Contact for pricing

      Somerville Office Space for Rent

      Charming office space near courthouse and downtown Somerville.
      68 North Bridge St, Somerville, NJ 08876
      View Details
    • Contact for pricing
      2,147 SF

      Historic Office Space in Somerville

      Landmark building with historic features and convenient downtown location.
      54 W Main St, Somerville, NJ 08876
      View Details
    • $5,600 /Mo
      960 SF

      Route 22 Corner Office Building

      Well-maintained office building with parking and flexible commercial zoning.
      3470 Us Highway 22, Somerville, NJ 08876
      View Details
    • $5,000 /Mo

      Prime Retail Space in Somerville

      High-visibility commercial space in Downtown Somerville, ideal for various businesses.
      34 W Main St, Somerville, NJ 08876
      View Details
    • $2,427 /Mo
      5,227 SF

      Retail Space on State Highway

      Open retail space with refrigeration on State Highway 28.
      96 N Gaston Ave, Somerville, NJ 08876
      View Details
    • $2,550 /Mo

      Renovated Two-Bedroom Apartment For Rent

      First-floor unit with modern amenities and convenient downtown access.
      85 Grove St, Somerville, NJ 08876
      View Details
    • $2,800 /Mo

      Somerville Apartment Near Train Station

      Recently renovated 2-bedroom, 2-bathroom apartment near Somerville Train Station.
      147 S Bridge St, Somerville, NJ 08876
      View Details

    FAQs

    What type of property is this?
    Multifamily property - Multifamily unit for rent with one parking space included.
    Where is this multifamily property located?
    The property is located at 385 E Main St, Unit 2 Somerville, NJ.
    What are key features of this property?
    This property features: - Small pets allowed; - Includes 1 parking space; - Built in 1920
    (973) 739-8008
    Request Owner's contact information
    385 E Main St, Unit 2 Somerville, NJ 08876
    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.
    385 E Main St, Unit 2
    Somerville, NJ 08876
    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
    385 E Main St, Unit 2 Somerville, NJ 08876
    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
    Daisy Mellisa Cristales
    (973) 739-8008
    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.