Freestanding Medical Office
213 CHESTNUT St Nutley, NJ 07110
New
For Sale
$1,599,900
Freestanding brick building with multiple exam and office rooms, plus a finished basement and rear handicap-accessible entrance.
Days on Market5
Property Features for 213 CHESTNUT St
General Information
Standard status
Active
Property subtype
Commercial
Building Details
Year Built
1920
Listing Agency:
FALLIVENE AGENCY INC.
(973) 882-1117
Listed By:
GLENN S FALLIVENE
Source:
Elliman
Added: Jul 25
Changed: Jul 26
Last Checked: Jul 28 at 2:48PM
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 freestanding brick office building was built in 1908 and was formerly home to the Nutley Sun Bank. The first floor includes a reception and waiting area, along with three exam rooms, each with a sink and powder room. The second floor features a private office with a separate staircase, and it also provides access from the main staircase to a spacious optical display area and a full bath.
The property includes a separate handicap-accessible entrance to the first floor at the rear, along with a fully finished basement that has a powder room and its own private entrance. On-site parking is described as 12 spaces or more. The building is located directly across from the Nutley Municipal Building.
While most recently used as an ophthalmology practice for over 30 years, the layout supports a medical office configuration with dedicated patient-facing space, exam rooms, and private offices, complemented by additional finished lower-level space.
The property includes a separate handicap-accessible entrance to the first floor at the rear, along with a fully finished basement that has a powder room and its own private entrance. On-site parking is described as 12 spaces or more. The building is located directly across from the Nutley Municipal Building.
While most recently used as an ophthalmology practice for over 30 years, the layout supports a medical office configuration with dedicated patient-facing space, exam rooms, and private offices, complemented by additional finished lower-level space.
Key Highlights
- Freestanding brick building built in 1920, formerly Nutley Sun Bank, built in 1908
- Located directly across from the Nutley Municipal Building
- First floor includes reception/waiting area and three exam rooms with sinks and powder rooms
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $123.0k | $30.00 |
| − Vacancy | −$39.4k | −$9.60 |
| EGI | $83.6k | $20.40 |
| − OpEx | −$20.9k | −$5.10 |
| NOI | $62.7k | $15.30 |
4,100 SF · lease $30.00/SF/yr · vacancy 32.00% · expense 25.00%
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
Location Intelligence
Current Use
Similar Off Market Nearby
- Dog Cat & Bird Clinic of Nutley — 324 Passaic Ave, Nutley, NJ 07110
Frequently Asked Questions
What type of property is this?
Medical Office Space - Freestanding brick building with multiple exam and office rooms, plus a finished basement and rear handicap-accessible entrance.
Where is this medical office space located?
The property is located at 213 CHESTNUT St Nutley, 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: Freestanding brick building built in 1920, formerly Nutley Sun Bank, built in 1908; Located directly across from the Nutley Municipal Building; First floor includes reception/waiting area and three exam rooms with sinks and powder rooms
