Freestanding Industrial
For Sale
$399,900
Pending
161 Church St, South Orange, NJ 07079
As-is freestanding garage with high ceilings, office/storage/loft space, and gated parking for multiple vehicles.
Property Size1,995 SF
Lot Size0.13 Acres
Days on Market26
Property Features for 161 Church St
General Information
Standard status
Pending
Size
1,995 SF
Lot size
0.13 Acres
Property subtype
Land
Zoning
R-22
Site & Location
Road Access
Yes
Utilities to Site
Yes
Listing Agency:
HOWARD HANNA RAND REALTY
(973) 740-1881
Listed By:
DOUGLASS HOLMES
Source:
Elliman
Added: Jul 16
Changed: Jul 21
Last Checked: Aug 10 at 6:26AM
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 HOWARD HANNA RAND REALTY
Investment Insights
Based on property information with market context.
This is an as-is freestanding garage building located in the rear of the property, described as approximately 35 by 57 feet with high ceilings. The space includes office, storage, and loft areas, and it is currently being used as a woodworking shop. The property is behind gates and is described as providing outdoor parking within the gates, with additional parking available outside the gated area.
The site is on a dead-end section of the street and is described as being moments from the NYC train station. The property is located in the redevelopment zone identified as R-22. The remarks state that public water, natural gas lines, and sewer are present, though none have been used in a while; buyers should verify current availability and condition. Zoned R-22 is described as allowing townhouses, single- and two-family homes, and family day care, with a maximum building height of 35 feet up to three stories (check with the town for specific details).
The site is on a dead-end section of the street and is described as being moments from the NYC train station. The property is located in the redevelopment zone identified as R-22. The remarks state that public water, natural gas lines, and sewer are present, though none have been used in a while; buyers should verify current availability and condition. Zoned R-22 is described as allowing townhouses, single- and two-family homes, and family day care, with a maximum building height of 35 feet up to three stories (check with the town for specific details).
Key Highlights
- As‑is freestanding rear garage building (~35 ft by 57 ft) on a 0.131‑acre lot with high ceilings and office/storage/loft space
- Gated parking behind the gates for multiple vehicles, with room to park approximately 6–10 vehicles inside and ~10 additional vehicles outside
- Currently used as a woodworking shop; previously used as storage for a local new car dealership (grandfathered to continue current use)
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
$31,741
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
7.94%
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%
$634,820
$634.8K
Cap Rate 7%
$453,443
$453.4K
Cap Rate 9%
$352,678
$352.7K
Market Conditions
NOI Build-Up for 1,995 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
$51.9K $26.04/SF
− Vacancy
−$3.1K −$1.56/SF
EGI
$48.8K $24.48/SF
− OpEx
−$17.1K −$8.57/SF
NOI
$31.7K $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%
$634,820
Cap Rate 7%
$453,443
Cap Rate 9%
$352,678
Alternative Uses
Best Use
Flex RnD
$453.4K
$396.8K – $529.0K
NOI $31,741 @ 7.0% cap · market cap 7.94%
Second Best
Warehouse
$396.6K
$347.0K – $462.7K
NOI $27,759 @ 7.0% cap · market cap 6.94%
Theoretical Best
Office A
$520.9K
$455.8K – $607.8K
NOI $36,465 @ 7.0% cap · market cap 9.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,434
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07079, NJ
18,597
Population
6,131
Households
3
Avg Household Size
34
Median Age
76%
College-Educated
98%
High-School Grad
2.9 sq mi
ZIP Area
6,413
Density / Sq Mi
$184,769
Median Household Income
$75,829
Median Earnings
$2,067
Median Rent
$808,100
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Extra Space Storage — 317 Valley St, South Orange, NJ 07079
- AAA Manhattan Moving Company — 152 montague pl, south orange, nj 07079
Frequently Asked Questions
What type of property is this?
Warehouse - As-is freestanding garage with high ceilings, office/storage/loft space, and gated parking for multiple vehicles.
Where is this warehouse located?
The property is located at 161 Church St South Orange, NJ.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: As‑is freestanding rear garage building (~35 ft by 57 ft) on a 0.131‑acre lot with high ceilings and office/storage/loft space; Gated parking behind the gates for multiple vehicles, with room to park approximately 6–10 vehicles inside and ~10 additional vehicles outside; Currently used as a woodworking shop; previously used as storage for a local new car dealership (grandfathered to continue current use)
