Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    21 Union Ave Somerville, NJ 08876

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $5,200 /Mo

    3900 SF retail space in busy strip mall.

    Lot size:
    1.61 Acres

    Property Features for 21 Union Ave

    General Information

    Property type
    Commercial
    Standard status
    Active
    Lot size
    1.61 Acres

    Building Details

    Year built
    9999

    We can help!

    Listing Contact
    Robert Axmann
    Source: Elliman

    Listing Agency: BHHS FOX & ROACH Listing Agent: Robert Axmann

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

    Learn more

    Overview

    Retail Space Near DMV

    This 3900 square foot retail space is located in a busy strip mall center adjacent to the DMV. The space features 12-foot-plus clear ceilings and is zoned B-4 Commercial. It is suitable for a retail business service center or studio. The location is ideal for a fitness, cross-fit, or martial arts/dance studio.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Somerville
    County
    Somerset
    State
    New Jersey
    Longitude
    -74.6003782
    Latitude
    40.571574

    Nearby Similar for Lease

    • $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
    • $1,750 /Mo

      Branchburg Office Suite For Rent

      Move-in ready office suite in Robbins Business Center.
      1018 Us Highway 202, Somerville, NJ 08876
      View Details
    • $1,500 /Mo

      Somerville Office Space For Rent

      900 SF professional office space in the heart of Somerville.
      58 N Bridge St, Somerville, NJ 08876
      View Details
    • $5,500 /Mo

      Remodeled Office Space For Rent

      5500 sq ft office space near downtown and highways.
      61 5Th St, Somerville, NJ 08876
      View Details
    • $1,875 /Mo

      Remodeled Office Units For Rent

      Newly remodeled office units near downtown Somerville available for rent.
      1 Eastern Ave, Somerville, NJ 08876
      View Details
    • $450 /Mo

      Furnished Offices in Medical Building

      Furnished single offices available for rent in medical building.
      72 W End Ave, Somerville, NJ 08876
      View Details
    • $6,560 /Mo

      Retail Space in Busy Strip

      3280 SF retail unit in high-visibility strip mall.
      21 Union Ave, Somerville, NJ 08876
      View Details
    • $8,500 /Mo

      Former Restaurant on Route 22

      Fully equipped restaurant with high visibility and flexible zoning.
      3523 Us Highway 22, Somerville, NJ 08876
      View Details
    • Contact for pricing
      750 SF

      Downtown Professional Office Suite

      750 SF office suite in the heart of downtown.
      58 E Main St, Somerville, NJ 08876
      View Details
    • Contact for pricing

      Light Industrial Space on Route 22

      Best in class light industrial space for lease.
      3087 Us Highway 22, Somerville, NJ 08876
      View Details
    • Contact for pricing

      Retail Space in Downtown Somerville

      2700 SF retail space in award-winning downtown Somerville.
      8 W Main St, Somerville, NJ 08876
      View Details
    • Contact for pricing

      Retail Space Near Bridgewater Mall

      3400 SF retail space in high-traffic location for lease.
      936 Us Highway 22, Somerville, NJ 08876
      View Details

    FAQs

    What type of property is this?
    Retail space - 3900 SF retail space in busy strip mall.
    Where is this retail space located?
    The property is located at 21 Union Ave Somerville, NJ.
    What is the lease rate?
    The lease rate is $5,200 /Mo.
    What are key features of this property?
    This property features: - High-traffic location: Adjacent to the DMV in a busy strip mall center.; - Large 3900 SF retail space provides ample room for various business operations.; - Versatile B-4 commercial zoning suitable for retail, business service center, or studio.
    (908) 334-9980
    Request Owner's contact information
    21 Union Ave 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.
    21 Union Ave
    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
    21 Union Ave 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
    Robert Axmann
    (908) 334-9980 (732) 469-1515
    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!