Listing Agency: RIPCO Real Estate - New Jersey Show Phone

Listed By: Clare Golz Show Phone

Source: Moodyscre

Added: Jun 14, 2023 Changed: Oct 25 Last Checked: Oct 28 at 12:17PM

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Investment Insights

Based on property information with market context.

This flex space offering includes a unique drive-in front loading dock designed to support efficient loading and receiving operations. A tenant improvement allowance is available from the landlord for a qualified tenant with acceptable terms.

The property is positioned for convenient regional connectivity, with easy access to US Route 1/9, the New Jersey Turnpike, and other New Jersey highways. The building/site area is listed at 15,000 square feet, providing workable scale for warehouse, light industrial, or office use depending on tenant requirements.

Overall, the combination of loading functionality and access makes this an option to evaluate for users seeking flexible space that can accommodate warehouse, light industrial, or office operations.

Key Highlights

• 15,000 SF flex space
• Unique drive‑in front loading dock
• Landlord tenant improvement allowance for qualified tenants

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$125,244

Cap Rate

5.96%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,504,880 $2.5M

Cap Rate 7%

$1,789,200 $1.8M

Cap Rate 9%

$1,391,600 $1.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 15,000 SF

Gross rent

$205.2K $13.68/SF

− Vacancy

−$12.5K −$0.83/SF

EGI

$192.7K $12.85/SF

− OpEx

−$67.4K −$4.50/SF

NOI

$125.2K $8.35/SF

Area

Hudson County, NJ

Vacancy

6.10%

Lease Rate

$13.68 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,504,880

Cap Rate 7%

$1,789,200

Cap Rate 9%

$1,391,600

Alternative Uses

Best Use

Industrial

$4.53M

$3.96M – $5.28M (±1% cap)

NOI $316,875 @ 7.0% cap · market cap 15.09%

Second Best

Flex RnD

$1.79M

$1.57M – $2.09M (±1% cap)

NOI $125,244 @ 7.0% cap · market cap 5.96%

Theoretical Best

Warehouse

$5.43M

$4.75M – $6.34M (±1% cap)

NOI $380,216 @ 7.0% cap · market cap 18.11%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Flex space

Suggested Use

Top Pick Catering Service Storage Facility Tanning Salon Tattoo & Piercing Shop (Bike/Boat/Book/etc) Store Nursing Home

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Drive-in doors

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

4,112

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 07087, NJ

68,611

Population

27,442

Households

2.5

Avg Household Size

36

Median Age

28%

College-Educated

77%

High-School Grad

1.3 sq mi

ZIP Area

52,778

Density / Sq Mi

$65,369

Median Household Income

$35,041

Median Earnings

$1,489

Median Rent

$446,800

Median Home Value

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Flex space with a unique drive-in front loading dock and easy access to US Route 1/9 and the New Jersey Turnpike.

Where is this flex space located?

The property is located at 117-119 36th St Union City, NJ.

What is the asking price?

The asking price for this property is $2,100,000.

What are key features of this property?

This property features: 15,000 SF flex space; Unique drive‑in front loading dock; Landlord tenant improvement allowance for qualified tenants