Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Former School Building For Rent Title is generated by Realmo AI

    123 Jefferson St, Passaic, NJ 07055

    View on Map
    Claim this Listing
    For Lease
    $12 SF/Yr $33,500/Mo (calc)

    33,500 SF former school building with many classrooms.

    Type:Commercial/Industrial
    Property size:
    33,500 SF
    Lot size:
    0.94 Acres
    Added:
    Jul 25, 2024
    Days on Market:
    675
    Last Refresh:
    May 19 at 8:39 pm

    Property Features for 123 Jefferson St

    General Information

    Standard status
    Active
    Size
    33,500 SF
    Lot size
    0.94 Acres
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1915

    We can help!

    Listing Contact
    RAFAEL G RODRIGUEZ

    Listing agent RAFAEL G RODRIGUEZ

    Listing office CASA REAL PROPERTY GROUP LLC

    Listing date Jul 25, 2024

    Source Exitrealty

    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 CASA REAL PROPERTY GROUP LLC

    HighLights

    • 33,500 sq ft building ideal for an educational academy.
    • Convenient location near Route 3, Route 21, Route 46, and Route 80.
    • Features 16 classrooms, an indoor basketball court, and an auditorium with a balcony.
    • Includes a commercial kitchen and large recreation room.
    • Offers 6 offices and ample restroom facilities.
    • More than 45 private parking spaces.

    Overview

    This 33,500 square foot building, formerly a school, is available for rent. It features a main entry and lobby, 16 classrooms, an indoor basketball court, an auditorium with a balcony, a commercial kitchen, and a large recreation room. The property also includes 6 offices, two large restrooms for boys and girls, additional private baths, and more than 45 private parking spaces. The location is convenient, with close proximity to Route 3, Route 21, Route 46, and Route 80. The building may be suitable as an educational academy, either private or public. Taxes are to be determined depending on use; non-profit organizations may pay zero taxes.
    Property Profile Location Intelligence

    Current Use by Public Records

    Schools

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Passaic
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.1232242
    Latitude
    40.8629808

    Nearby Similar for Lease

    • $1,300/Mo
      2,000 SF

      Functional Office Space Available

      Second-floor office space suitable for professional services in Passaic City.
      51 Central Ave, Passaic City, NJ 07055-8406
      View Details
    • $12 SF/Yr
      1,800 SF

      Passaic City Retail Opportunity

      Vacant storefronts suitable for retail, office, or storage.
      139 9Th St, Passaic City, NJ 07055-8228
      View Details
    • $750/Mo
      2,000 SF

      Passaic City Office Space

      Second-floor office space suitable for professional services in Passaic City.
      51 Central Ave, Passaic City, NJ 07055-8406
      View Details
    • $2,500/Mo
      1,000 SF

      Passaic City Retail/Office Space

      1,000 sq ft retail/office space in downtown Passaic City.
      51 Central Ave, Passaic City, NJ 07055-8406
      View Details
    • $2,910/Mo

      Passaic City Ground-Floor Office Space

      Ground-floor office with open layout and convenient parking.
      54 Main Ave, Passaic City, NJ 07055-4425
      View Details
    • $1,300/Mo
      2,000 SF

      Functional Office Space Available

      Second-floor office space suitable for professional services.
      51 Central Ave, Passaic City, NJ 07055
      View Details
    • $7 SF/Yr
      7,000 SF

      Passaic Commercial Space For Rent

      Commercial space available in downtown Passaic for various businesses.
      743 Main Ave, Passaic City, NJ 07055
      View Details
    • $2,500/Mo
      1,000 SF

      Retail Space in Downtown Passaic

      1,000 sq ft retail space suitable for various businesses.
      51 Central Ave, Passaic, NJ 07055-8406
      View Details
    • $12 SF/Yr
      1,800 SF

      Vacant Storefronts in Residential Area

      Vacant storefronts suitable for retail, office, or storage.
      139 9Th St, Passaic City, NJ 07055
      View Details
    • $2,910/Mo
      1,838 SF

      Ground-Floor Office Space Available

      1838 SF office space with convenient street-level access.
      54 Main Ave, Passaic City, NJ 07055
      View Details
    • $1,900/Mo

      Passaic Retail Space Available

      Versatile retail space in Passaic, suitable for various businesses.
      222 3RD St, Passaic, NJ 07055-7809
      View Details
    • $2,000/Mo
      1,000 SF

      Main Street Retail/Office Space

      Approximately 1,000 SF retail/office space on main street.
      173-175 Passaic, Passaic, NJ 07055
      View Details

    FAQs

    What type of property is this?
    School - 33,500 SF former school building with many classrooms.
    Where is this school located?
    The property is located at 123 Jefferson St Passaic, NJ.
    What is the lease rate?
    The lease rate is $12 SF/Yr.
    What are key features of this property?
    This property features: 33,500 sq ft building ideal for an educational academy.; Convenient location near Route 3, Route 21, Route 46, and Route 80.; Features 16 classrooms, an indoor basketball court, and an auditorium with a balcony.
    (973) 445-4193
    We can help!
    Listing Contact
    RAFAEL G RODRIGUEZ
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    123 Jefferson St, Passaic City, NJ 07055
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!