Freestanding Medical
For Sale
$1,599,900
213 CHESTNUT STREET, Caldwell, NJ 07006
Two-level medical layout with exam rooms, optical display space, finished basement, and an accessible rear entrance.
Property Size4,100 SF
Price / SF$390.22
Days on Market39
Property Features for 213 CHESTNUT STREET
General Information
Standard status
Active
Size
4,100 SF
Total Parking Spaces
14
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$24,509
Amenities
Central air
3 Units Cooling
3 Units Heating
Blacktop Driveway
Driveway-Exclusive
Flat Roof
Level Lot
Building Details
Year Built
1920
Buildings
1
Stories
2
Construction
brick
Listing Agency:
FALLIVENE AGENCY INC.
(973) 882-1117
Listed By:
GLENN S FALLIVENE · License #233507
Source:
Corcoran
Added: Jul 24
Changed: Aug 30
Last Checked: Aug 30 at 4:57PM
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 FALLIVENE AGENCY INC.
Investment Insights
Based on property information with market context.
This 4100-square-foot freestanding brick medical office building provides a two-level layout with additional finished basement space. The first floor includes a reception and waiting area, three exam rooms with sinks, and a powder room. Upstairs, a private office has its own staircase, while the main stairway leads to an optical display area and full bath.
A separate handicap-accessible entrance serves the first floor from the rear. The finished basement adds a powder room and private exterior access. The property is located at 213 Chestnut Street in Nutley Township, directly across from the Nutley Municipal Building. It was most recently used by an ophthalmology practice for more than 30 years and previously operated as a bank.
A separate handicap-accessible entrance serves the first floor from the rear. The finished basement adds a powder room and private exterior access. The property is located at 213 Chestnut Street in Nutley Township, directly across from the Nutley Municipal Building. It was most recently used by an ophthalmology practice for more than 30 years and previously operated as a bank.
Key Highlights
- 4100 SF freestanding brick medical office building
- First floor includes reception area, waiting area, and three exam rooms
- Exam rooms are equipped with sinks and a powder room
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
$62,730
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
3.92%
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%
$1,254,600
$1.3M
Cap Rate 7%
$896,143
$896.1K
Cap Rate 9%
$697,000
$697.0K
Market Conditions
NOI Build-Up for 4,100 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
$123.0K $30.00/SF
− Vacancy
−$39.4K −$9.60/SF
EGI
$83.6K $20.40/SF
− OpEx
−$20.9K −$5.10/SF
NOI
$62.7K $15.30/SF
Area
Essex County, NJ
Vacancy
32.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,254,600
Cap Rate 7%
$896,143
Cap Rate 9%
$697,000
Alternative Uses
Best Use
Office B
$896.1K
$784.1K – $1.05M
NOI $62,730 @ 7.0% cap · market cap 3.92%
Second Best
Healthcare Medical
$872.1K
$763.1K – $1.02M
NOI $61,047 @ 7.0% cap · market cap 3.82%
Theoretical Best
Office A
$1.07M
$936.8K – $1.25M
NOI $74,941 @ 7.0% cap · market cap 4.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,045
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07006, NJ
26,733
Population
10,183
Households
2.6
Avg Household Size
42
Median Age
65%
College-Educated
96%
High-School Grad
9.3 sq mi
ZIP Area
2,875
Density / Sq Mi
$148,645
Median Household Income
$74,342
Median Earnings
$1,973
Median Rent
$667,300
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Two-level medical layout with exam rooms, optical display space, finished basement, and an accessible rear entrance.
Where is this medical office space located?
The property is located at 213 CHESTNUT STREET Caldwell, NJ.
What is the asking price?
The asking price for this property is $1,599,900.
What are key features of this property?
This property features: 4100 SF freestanding brick medical office building; First floor includes reception area, waiting area, and three exam rooms; Exam rooms are equipped with sinks and a powder room
