Bloomfield Avenue Ground Floor
For Sale
$275,000
741 Bloomfield Ave, Verona, NJ 07044
Ground floor office suite with great visibility on Bloomfield Avenue.
Property Size700 SF
Price / SF$392.86
Days on Market143
Property Features for 741 Bloomfield Ave
General Information
Standard status
Active
Size
700 SF
Building Details
Year Built
1955
Listing Agency:
COLDWELL BANKER REALTY
Listed By:
JILL K. BIGGS · License #0568727
(973) 495-6038
Source:
Goldstandardrealty
Added: Apr 22
Changed: Sep 4
Last Checked: Sep 9 at 10:57PM
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 COLDWELL BANKER REALTY
Investment Insights
Based on property information with market context.
This ground floor office suite is located on Bloomfield Avenue, offering easy access and visibility. The space is suitable for medical professionals and currently includes two examination rooms, a storage room, a bathroom, and a waiting area. The flexible layout could also accommodate other professionals such as chiropractors, accountants, insurance brokers, attorneys, or psychologists. The location is ideal for clientele from Montclair, Cedar Grove, and West Orange.
Key Highlights
- Prime location on Bloomfield Avenue with high visibility
- Ground floor access for easy accessibility
- Configured as a medical office with examination rooms
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
$10,710
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
3.89%
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%
$214,200
$214.2K
Cap Rate 7%
$153,000
$153.0K
Cap Rate 9%
$119,000
$119.0K
Market Conditions
NOI Build-Up for 700 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
$21.0K $30.00/SF
− Vacancy
−$6.7K −$9.60/SF
EGI
$14.3K $20.40/SF
− OpEx
−$3.6K −$5.10/SF
NOI
$10.7K $15.30/SF
Area
Essex County, NJ
Vacancy
32.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
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%
$214,200
Cap Rate 7%
$153,000
Cap Rate 9%
$119,000
Alternative Uses
Best Use
Office B
$153.0K
$133.9K – $178.5K
NOI $10,710 @ 7.0% cap · market cap 3.89%
Second Best
Healthcare Medical
$148.9K
$130.3K – $173.7K
NOI $10,423 @ 7.0% cap · market cap 3.79%
Theoretical Best
Office A
$182.8K
$159.9K – $213.3K
NOI $12,795 @ 7.0% cap · market cap 4.65%
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
843
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07044, NJ
14,572
Population
5,997
Households
2.4
Avg Household Size
44
Median Age
68%
College-Educated
98%
High-School Grad
2.8 sq mi
ZIP Area
5,204
Density / Sq Mi
$159,044
Median Household Income
$85,852
Median Earnings
$2,125
Median Rent
$595,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Ground floor office suite with great visibility on Bloomfield Avenue.
Where is this medical office space located?
The property is located at 741 Bloomfield Ave Verona, NJ.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Prime location on Bloomfield Avenue with high visibility; Ground floor access for easy accessibility; Configured as a medical office with examination rooms
