Five-Unit Retail Strip
For Sale
$1,450,000
1921 Morris Ave #1921, Union, NJ 07083
Separate utilities, basement space, bathrooms, and entrances support distinct configurations across the building.
Property Size3,870 SF
Price / SF$374.68
Days on Market117
Property Features for 1921 Morris Ave #1921
General Information
Standard status
Active
Size
3,870 SF
Total Parking Spaces
12
Property subtype
Commercial
Zoning
Commercial
Site & Location
Corner Location
Yes
Utilities to Site
Yes
Amenities
Full kitchen
Hard Wired Central Monitored Fire Alarm
Building Signage
Basements
Bathrooms
Front & Rear Entrances
Building Details
Building Size
3,870 SF
Year Built
1920
Buildings
1
Stories
1
Units
5
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty
(908) 233-5555
Listed By:
Alan A. Rasmussen
(908) 451-2844
Source:
Cammarotarealestate
Added: Jun 29
Changed: Oct 22
Last Checked: Oct 22 at 2:39PM
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
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Investment Insights
Based on property information with market context.
This retail property contains five units, each with its own utilities, basement, bathroom, and front and rear entrances. Units 1 and 2 share a gas furnace and central air conditioning; Units 3 and 4 have wall-mounted heat pumps and AC units. Unit 5 has a separate gas furnace and central air conditioning and is leased month to month. The first two units also include kitchens with hoods. A hard-wired, centrally monitored fire alarm serves the building, and roof replacement is underway.
At 1921 Morris Ave in Union Township, the building sits at the corner of Morris and Grandview Avenues along Rt 82. The property includes a 12-car private parking lot and building signage.
At 1921 Morris Ave in Union Township, the building sits at the corner of Morris and Grandview Avenues along Rt 82. The property includes a 12-car private parking lot and building signage.
Key Highlights
- Five retail units, each with separate utilities, a basement, a bathroom, and front and rear entrances
- 12‑car private parking lot and building signage
- Units 1 and 2 share a gas furnace and CAC; Units 3 and 4 have wall‑mounted heat pumps and AC units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$59,183
Cap Rate
4.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,183,660
$1.2M
Cap Rate 7%
$845,471
$845.5K
Cap Rate 9%
$657,589
$657.6K
Market Conditions
NOI Build-Up for 3,870 SF
Gross rent
$83.6K $21.60/SF
− Vacancy
−$4.7K −$1.21/SF
EGI
$78.9K $20.39/SF
− OpEx
−$19.7K −$5.10/SF
NOI
$59.2K $15.29/SF
Area
Union County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,183,660
Cap Rate 7%
$845,471
Cap Rate 9%
$657,589
Alternative Uses
Best Use
Specialty Retail
$845.5K
$739.8K – $986.4K
NOI $59,183 @ 7.0% cap · market cap 4.08%
Second Best
Retail
$789.1K
$690.5K – $920.6K
NOI $55,238 @ 7.0% cap · market cap 3.81%
Theoretical Best
Office A
$1.01M
$884.2K – $1.18M
NOI $70,737 @ 7.0% cap · market cap 4.88%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,367
Businesses Nearby
160k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 41%
Groceries 26%
Dining 23%
Apparel 6%
Stop & Shop
Groceries
42,314 visits/mo
0.2 miles
Applebee's
Dining
18,681 visits/mo
0.4 miles
Capital One Bank
Shops & Services
17,203 visits/mo
0.4 miles
QuickChek
Shops & Services
13,590 visits/mo
0.2 miles
Ashley Stewart
Apparel
10,081 visits/mo
0.4 miles
Demographics for 07083, NJ
56,131
Population
20,792
Households
2.7
Avg Household Size
41
Median Age
41%
College-Educated
89%
High-School Grad
8.7 sq mi
ZIP Area
6,452
Density / Sq Mi
$118,106
Median Household Income
$58,443
Median Earnings
$1,938
Median Rent
$425,600
Median Home Value
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Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Strip mall - Separate utilities, basement space, bathrooms, and entrances support distinct configurations across the building.
Where is this strip mall located?
The property is located at 1921 Morris Ave #1921 Union, NJ.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Five retail units, each with separate utilities, a basement, a bathroom, and front and rear entrances; 12‑car private parking lot and building signage; Units 1 and 2 share a gas furnace and CAC; Units 3 and 4 have wall‑mounted heat pumps and AC units
