Freestanding Medical
For Sale
$1,599,900
Pending
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
Days on Market84
Property Features for 213 CHESTNUT STREET
General Information
Standard status
Pending
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: Oct 15
Last Checked: Oct 14 at 11:34PM
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 / Yr
$62,730
Cap Rate
3.92%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
