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    Versatile Space in Prime Location Title is generated by Realmo AI

    1638 Parker #2, Fort Lee, NJ 07024

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    Claim this Listing
    For Lease
    $2,900/Mo $38 SF/Yr (calc)

    Second and third floor space suitable for various businesses.

    Type:Commercial
    Property size:
    899 SF
    Added:
    Apr 13, 2026
    Days on Market:
    49
    Last Refresh:
    Apr 14 at 8:39 am

    Property Features for 1638 Parker #2

    General Information

    Standard status
    Active
    Size
    899 SF
    Property subtype
    Commercial

    We can help!

    Listing Contact
    KYUNG-AH SHIN

    Listing agent KYUNG-AH SHIN

    Listing office REALTY 7, LLC

    Listing date Apr 13, 2026

    Source Corcoran

    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 REALTY 7, LLC

    HighLights

    • Prime location right off GWB in a high‑traffic residential and commercial area.
    • Suitable for various businesses: office, school, studio, cafe, or takeout.
    • Located on the 2nd and 3rd floors with immediate availability.
    • Proximity to established businesses: Ramen Sandaime, Chunsoodang, and Cafebene.
    • Easy access to amenities: luxury buildings, banks, schools, shops, hospitals, and supermarkets.
    • Separate utilities and ample parking available.

    Overview

    The second and third floors of this property are available for rent, offering a versatile space suitable for a variety of businesses. The location is in a high-traffic area with a mix of residential and commercial buildings. The first floor is occupied by Ramen Sandaime, a Japanese ramen restaurant that has been in operation for 13 years. Adjacent to the property is Chunsoodang, a Korean dessert cafe, and across the street is Cafebane, a Korean cafe. The area features luxury high-rise residential buildings, banks, a church, a school, cafes, restaurants, bakeries, clothing shops, cosmetic shops, hospitals, clinics, major franchises, and supermarkets, all within walking distance. The second floor offers approximately 899 square feet, while the third-floor attic space provides roughly 250 square feet. The space is suitable for a professional office, school, yoga or pilates studio, or a food-related business such as a cafe, juice bar, or takeout restaurant. The property offers easy access to various amenities and ample parking. Utilities are separate. The gross lease includes taxes and building insurance.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Fort Lee
    County
    Bergen
    State
    New Jersey
    Longitude
    -73.9678458
    Latitude
    40.8497849

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    FAQs

    What type of property is this?
    Office units - Second and third floor space suitable for various businesses.
    Where is this office units located?
    The property is located at 1638 Parker #2 Fort Lee, NJ.
    What is the lease rate?
    The lease rate is $2,900 /Mo.
    What are key features of this property?
    This property features: Prime location right off GWB in a high‑traffic residential and commercial area.; Suitable for various businesses: **office, school, studio, cafe, or takeout.**; Located on the 2nd and 3rd floors with immediate availability.
    (201) 292-7777
    We can help!
    Listing Contact
    KYUNG-AH SHIN
    Learn More
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    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
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