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

    629 Franklin Ave Nutley, NJ 07110

    View on Map
    Loading data...
    Loading data...
    Loading data...
    Pending
    $995,000

    Mixed-use property featuring commercial space and two residential units.

    Property Features for 629 Franklin Ave

    General Information

    Property type
    Commercial
    Standard status
    Pending

    Building Details

    Year built
    1920

    We can help!

    Listing Contact
    Lauren Johnson
    Source: Elliman

    Listing Agency: REALTY EXECUTIVES EXCEPTIONAL REALTORS-FAIRFIELD Listing Agent: Lauren Johnson

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

    Learn more

    Property Insight Report

    Overview

    Mixed-Use Property with Rental Income

    This mixed-use property offers a commercial space on the first floor, previously used as a dental practice, and two residential rental units on the second floor. The leases for the residential units are month to month. The first floor includes an entrance vestibule, waiting area, front desk area, six patient rooms, a private office with a half bath, a lab, two additional half baths, and a kitchen area. Closet and storage space is available, and the basement is used for storage. The second floor contains two residential apartments. Apartment A is a multi-floor unit with two bedrooms and one bath, featuring sizable rooms and closet space. Apartment B is a one-bedroom, one-bath unit with a side entrance. The property is located in a prime location and zoned B-1, allowing for a variety of opportunities. An exclusive driveway provides ample parking. The sale includes the building only, not the dental practice.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Todd L. Jolly, ... Dental Office

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Nutley
    County
    Essex
    State
    New Jersey
    Longitude
    -74.1514893
    Latitude
    40.8266108

    Nearby Similar for Sale

    • $990,000
      Pending

      Victorian Style Office Building

      Four-unit office building with hardwood floors and dedicated parking.
      414 Centre St, Nutley, NJ 07110
      View Details
    • $949,000
      Pending

      Nutley Two-Family Home

      Custom-built two-family home in Nutley, ideal for dual living.
      53 Passaic Ave, Nutley, NJ 07110
      View Details
    • $179,900
      0.75 Acres

      Nutley Twp. Office Condo

      Professional office condo with reception area, conference room, and entrances.
      640 Franklin Ave, Nutley, NJ 07110
      View Details
    • New
      $2,195,000
      7,000 SF

      Mixed-Use Building with Restaurant/Bar

      Mixed-use property with restaurant/bar and apartments in Nutley Twp.
      2 E Passaic Ave, Nutley, NJ 07110
      View Details
    • $730,000
      Pending

      Updated Two-Family Home in Nutley

      Updated two-family home in Nutley, offering comfort and investment potential.
      27 Passaic Ave, Nutley, NJ 07110
      View Details
    • $1,199,000
      Pending

      Modern Multi-Family Home, Nutley Twp.

      Built in 2017, modern design, convenient location, spacious units.
      38 Centre St, Nutley, NJ 07110
      View Details
    • $735,000
      2,498 SF

      Mixed-Use Property in Downtown Nutley

      Mixed-use property in downtown Nutley with commercial and residential spaces.
      691 Franklin Ave, Nutley, NJ 07110
      View Details
    • $990,000
      Pending

      Victorian Style Office Building

      Four-unit office building with Victorian design and hardwood floors.
      414 Centre St, Nutley, NJ 07110
      View Details
    • $2,975,000
      7,000 SF

      Mixed-Use Property in Nutley

      Mixed-use property with commercial space and four apartments in Nutley.
      527 Franklin Ave, Nutley, NJ 07110
      View Details
    • Contact for pricing

      Mixed-Use Building with Retail Space

      Three-story brick building with apartments, retail, and on-site parking.
      140 East Centre St, Nutley, NJ 07110
      View Details
    • $799,000
      2,256 SF

      Well-Maintained Two-Family Home in Nutley

      Two-family home in Nutley with modern amenities and convenient location.
      145 Harrison St, Nutley, NJ 07110
      View Details
    • $1,950,000

      Mixed-Use Income Property in Nutley

      Mixed-use property with warehouse, storefront, and apartments in Nutley.
      171-173 Franklin Ave, Nutley, NJ 07110
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property featuring commercial space and two residential units.
    Where is this mixed-use property located?
    The property is located at 629 Franklin Ave Nutley, NJ.
    What is the asking price?
    The asking price for this property is $995,000.
    What are key features of this property?
    This property features: - Mixed-use property with commercial space and two residential units; - Prime location with B-1 zoning allowing for a variety of opportunities; - **First floor commercial space previously used as a dental practice (dental equipment included)**
    (973) 575-6700
    Request Owner's contact information
    629 Franklin Ave Nutley, NJ 07110
    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.
    629 Franklin Ave
    Nutley, NJ 07110
    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
    629 Franklin Ave Nutley, NJ 07110
    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
    Lauren Johnson
    (973) 575-6700 (973) 341-4057 (973) 670-3096
    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!