Light Industrial Building with
For Sale
$775,000
Pending
103 Montgomery Ave, Irvington, NJ 07111
2200 sq ft building with high ceilings and storage.
Property Size2,200 SF
Days on Market539
Property Features for 103 Montgomery Ave
General Information
Standard status
Pending
Size
2,200 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$12,121
Amenities
Flat Roof
Forced Hot Air Heating
Off-Street Parking
On-Street Parking
Parking Lot-Exclusive
Building Details
Year Built
2002
Listing Agency:
KELLER WILLIAMS - NJ METRO GROUP
(973) 783-7400
Listed By:
MARY RYDER · License #240788
(973) 477-3657
Source:
Corcoran
Added: Mar 21, 2025
Changed: Sep 8
Last Checked: Sep 10 at 5:25AM
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 2200 square foot building features two separate units, each approximately 1,100 square feet. The structure includes 22-foot high ceilings and two 12-foot high bay doors. An additional feature is the exterior storage and parking space for approximately 10 cars under a canopy at the back of the property. Zoned for light industrial use, the building is currently utilized as a stone and granite storage and showroom. Potential uses include a workshop, mechanic shop, or owner-occupied space with expansion possibilities. The property is located near Newark Airport, the Garden State Parkway, and major highways. Seller willing to provide financing.
Key Highlights
- 2200 sq ft building with two separate units (approx. 1,100 sq ft each).
- Zoned for light industrial use.
- 22‑foot high ceilings and two 12‑foot high bay doors.
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
$35,003
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
4.52%
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%
$700,060
$700.1K
Cap Rate 7%
$500,043
$500.0K
Cap Rate 9%
$388,922
$388.9K
Market Conditions
NOI Build-Up for 2,200 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
$57.3K $26.04/SF
− Vacancy
−$3.4K −$1.56/SF
EGI
$53.9K $24.48/SF
− OpEx
−$18.8K −$8.57/SF
NOI
$35.0K $15.91/SF
Area
Essex County, NJ
Vacancy
6.00%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
35.00%
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%
$700,060
Cap Rate 7%
$500,043
Cap Rate 9%
$388,922
Alternative Uses
Best Use
Flex RnD
$500.0K
$437.5K – $583.4K
NOI $35,003 @ 7.0% cap · market cap 4.52%
Second Best
Industrial
$360.1K
$315.1K – $420.2K
NOI $25,210 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$574.5K
$502.7K – $670.2K
NOI $40,212 @ 7.0% cap · market cap 5.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,579
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07111, NJ
61,176
Population
24,176
Households
2.5
Avg Household Size
36
Median Age
22%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
21,095
Density / Sq Mi
$59,232
Median Household Income
$37,640
Median Earnings
$1,324
Median Rent
$291,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Northeast region
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Frequently Asked Questions
What type of property is this?
Flex space - 2200 sq ft building with high ceilings and storage.
Where is this flex space located?
The property is located at 103 Montgomery Ave Irvington, NJ.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 2200 sq ft building with two separate units (approx. 1,100 sq ft each).; Zoned for light industrial use.; 22‑foot high ceilings and two 12‑foot high bay doors.
