Mixed-Use Corner Lot
For Sale
$735,000
Pending
691 Franklin Ave, Nutley, NJ 07110
Mixed-use property in downtown Nutley with commercial and residential spaces.
Property Size2,498 SF
Days on Market539
Property Features for 691 Franklin Ave
General Information
Standard status
Pending
Size
2,498 SF
Zoning
B-1
Taxes and HOA fees
Annual Taxes
$21,029
Amenities
Natural Gas
Unfinished
Off Street
Building Details
Building Size
2,498 SF
Year Built
1960
Listing Agency:
KELLER WILLIAMS - NJ METRO GROUP
Listed By:
MARY RYDER · License #240788
(973) 477-3657
Source:
Evrealestate
Added: Mar 14, 2025
Changed: Aug 23
Last Checked: Jul 26 at 6:24AM
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 KELLER WILLIAMS - NJ METRO GROUP
Investment Insights
Based on property information with market context.
This mixed-use property presents an opportunity for investors or business owners. Situated on a corner lot in downtown Nutley, the property features a commercial space attached to a residential home. Zoned for commercial and neighborhood business, the property offers numerous possibilities, including use as an attorney's office or a coffee shop. The property provides a good amount of available space extending from the building to the public sidewalk. Its location offers proximity to a NYC bus stop on the corner, Route 3, train transportation, the ON3 Campus, and downtown shops. The property size is 2498 square feet.
Key Highlights
- Mixed‑use property featuring commercial space attached to a residential home.
- Zoned for commercial and/or neighborhood business, offering numerous business options.
- Prime corner lot location in the downtown area of Nutley.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,219
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.20%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$764,380
$764.4K
Cap Rate 7%
$545,986
$546.0K
Cap Rate 9%
$424,656
$424.7K
Market Conditions
NOI Build-Up for 2,498 SF
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.
Gross rent
$74.9K $30.00/SF
− Vacancy
−$24.0K −$9.60/SF
EGI
$51.0K $20.40/SF
− OpEx
−$12.7K −$5.10/SF
NOI
$38.2K $15.30/SF
Area
Essex County, NJ
Vacancy
32.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$764,380
Cap Rate 7%
$545,986
Cap Rate 9%
$424,656
Alternative Uses
Best Use
Office B
$546.0K
$477.7K – $637.0K
NOI $38,219 @ 7.0% cap · market cap 5.20%
Second Best
Retail
$509.4K
$445.7K – $594.3K
NOI $35,655 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$652.3K
$570.7K – $761.0K
NOI $45,659 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,136
Businesses Nearby
Explore this area
Business Placement
Demographics for 07110, NJ
30,149
Population
11,981
Households
2.5
Avg Household Size
41
Median Age
50%
College-Educated
94%
High-School Grad
3.4 sq mi
ZIP Area
8,867
Density / Sq Mi
$115,215
Median Household Income
$67,621
Median Earnings
$1,698
Median Rent
$489,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property in downtown Nutley with commercial and residential spaces.
Where is this mixed-use property located?
The property is located at 691 Franklin Ave Nutley, NJ.
What is the asking price?
The asking price for this property is $735,000.
What are key features of this property?
This property features: Mixed‑use property featuring commercial space attached to a residential home.; Zoned for commercial and/or neighborhood business, offering numerous business options.; Prime corner lot location in the downtown area of Nutley.
