Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Renovated Corner Commercial Retail Space Title is generated by Realmo AI

    321 Elmwood Ave Unit B, East Orange, NJ 07018

    View on Map
    Claim this Listing
    For Lease
    $30,000 SF/Yr $2,500,000/Mo (calc)

    Newly renovated retail space with office, high ceilings, bright interior.

    Type:Commercial/Industrial
    Property size:
    1,000 SF
    Added:
    Aug 4, 2023
    Days on Market:
    1037
    Last Refresh:
    Apr 16 at 8:44 pm

    Property Features for 321 Elmwood Ave Unit B

    General Information

    Standard status
    Active
    Size
    1,000 SF
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    9999

    We can help!

    Listing Contact
    KEITH WINTERS

    Listing agent KEITH WINTERS

    Listing office WEICHERT REALTORS

    Listing date Aug 4, 2023

    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 WEICHERT REALTORS

    HighLights

    • Brand new 2023 renovated corner commercial retail building with high exposure.
    • Approximately 1000SF space including 225SF of office space.
    • Two storefront doors and two full baths.
    • High ceilings and very bright interior.
    • On‑street parking available.
    • Attached garage available for separate rent.

    Overview

    This is a brand new, renovated corner commercial retail building completed in 2023. The space, approximately 1000 square feet, includes 225 square feet of office space. It features new exterior and interior finishes, two storefront doors, and two full baths. The interior benefits from high ceilings and brightness. On-street parking is available. An attached garage is available for rent separately. The tenant is responsible for obtaining a Certificate of Occupancy (CO) for their specific use. Also for rent is Unit A. Either unit or both can be rented. The building is also for sale.
    Location Intelligence

    Current Use by Public Records

    Retail space

    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
    East Orange
    County
    Essex
    State
    New Jersey
    Longitude
    -74.2273233
    Latitude
    40.7559237

    Nearby Similar for Lease

    • $800/Mo
      280 SF

      East Orange Office Suite

      Affordable office suites suitable for startups and small businesses.
      113 Elmwood Ave Suite 4, East Orange City, NJ 07018-2768
      View Details
    • $800/Mo
      280 SF

      Affordable Office Suites in East Orange

      Affordable office suites perfect for start-ups and small businesses.
      113 Elmwood Ave Suite 3, East Orange City, NJ 07018-2768
      View Details
    • $700/Mo
      280 SF

      East Orange Office Suite Rental

      Affordable office suites with utilities included, ideal for startups.
      113 Elmwood Ave Suite 5, East Orange City, NJ 07018-2768
      View Details
    • $700/Mo
      280 SF

      Affordable Office Suites in East Orange

      Affordable office suites perfect for start-ups and small businesses.
      113 Elmwood Ave Suite 2, East Orange City, NJ 07018-2768
      View Details
    • Sponsored
      Contact for pricing

      NJ, East Orange - Central Ave

      576 Central Ave, East Orange, NJ 07018
      View Details
    • $1,700/Mo

      Medical Office Space Available

      First floor medical office with treatment and private rooms.
      85 S Harrison St, East Orange City, NJ 07018-1700
      View Details
    • $800/Mo
      280 SF

      Affordable Office Suite in East Orange

      Affordable office suites perfect for startups and small businesses.
      113 Elmwood Ave Suite 4, East Orange City, NJ 07018
      View Details
    • $2,000/Mo
      850 SF

      East Orange Commercial Space For Rent

      End-unit commercial space with excellent visibility and flexible layout.
      160 Sanford St, East Orange City, NJ 07018
      View Details
    • $1,575/Mo

      East Orange City Office Space

      Second floor office space available in an elevatored building.
      85 S Harrison St, East Orange City, NJ 07018-1700
      View Details
    • $25 SF/Yr
      6,300 SF

      East Orange Retail Space Available

      6300 SF retail space with parking in East Orange.
      411 Main St, East Orange, NJ, 07018-3209
      View Details
    • $7,500/Mo
      8,000 SF

      Retail/Religious Facility with Parking

      8,000 SF retail or religious facility with parking.
      501 Central Ave, East Orange City, NJ 07018
      View Details
    • $3,000/Mo
      1,237 SF

      Spacious East Orange Living

      Comfortable 3-bedroom unit in a convenient location.
      11 S 17Th St 1, East Orange, NJ 07018-3919
      View Details

    FAQs

    What type of property is this?
    Retail space - Newly renovated retail space with office, high ceilings, bright interior.
    Where is this retail space located?
    The property is located at 321 Elmwood Ave Unit B East Orange, NJ.
    What is the lease rate?
    The lease rate is $30,000.
    What are key features of this property?
    This property features: Brand new 2023 renovated corner commercial retail building with high exposure.; Approximately 1000SF space including 225SF of office space.; Two storefront doors and two full baths.
    (201) 259-4047
    We can help!
    Listing Contact
    KEITH WINTERS
    Learn More
    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
    321 Elmwood Ave Unit B, East Orange City, NJ 07018
    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!