Oversized Garage in South
For Sale
$399,900
Pending
161 Church St, South Orange, NJ 07079
Rare opportunity: large garage near South Orange Village center.
Property Size1,995 SF
Lot Size0.13 Acres
Days on Market338
Property Features for 161 Church St
General Information
Standard status
Pending
Size
1,995 SF
Lot size
0.13 Acres
Property subtype
Land or Vacant Lot
Taxes and HOA fees
Annual Taxes
$8,013
Listing Agency:
HOWARD HANNA RAND REALTY
(973) 740-1881
Listed By:
DOUGLASS HOLMES
Source:
Corcoran
Added: Sep 7, 2025
Changed: Aug 8
Last Checked: Aug 8 at 1:42PM
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 oversized garage is located behind gates, moments from the center of town in the heart of South Orange Village. Nestled around mostly residential properties, this large garage could house between 6-10 vehicles as well as ample parking outside within the gates for approximately 10 additional vehicles. It features office, storage space, and loft space. Currently used as a woodworking shop, it was previously used as a storage facility for a local new car dealership. The property is grandfathered in to continue current use and is located within the redevelopment zone (R-22) on a dead-end section of the street, moments from the NYC train station. The stand-alone building is around 35 feet by 57 feet with high ceilings on a 0.131-acre lot. The property is being sold "as is." Public water, natural gas lines, and sewer are available, but none of these have been used recently. Zone R-22 allows townhouses, single and two-family homes, and family day care. The maximum building height is 35 ft up to 3 stories. The possibilities are endless for what the property can be!
Key Highlights
- Rare oversized garage with potential for 6‑10 vehicles inside and 10 outside
- Located in the redevelopment zone (R‑22) allowing for residential redevelopment
- Grandfathered in for current use as a commercial facility
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
Retail
$406.8K
$355.9K – $474.6K
NOI $28,475 @ 7.0% cap · market cap 7.12%
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Parking lot & garage - Rare opportunity: large garage near South Orange Village center.
Where is this parking lot & garage 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: Rare oversized garage with potential for 6‑10 vehicles inside and 10 outside; Located in the redevelopment zone (R‑22) allowing for residential redevelopment; Grandfathered in for current use as a commercial facility
