Freestanding Medical Office
For Sale
$1,599,900
213 Chestnut Street, Nutley, NJ 07110
Freestanding brick building with multiple exam and office rooms, plus a finished basement and rear handicap-accessible entrance.
Property Size4,100 SF
Days on Market51
Property Features for 213 Chestnut Street
General Information
Standard status
Active
Size
4,100 SF
Total Parking Spaces
14
Property subtype
Commercial
Zoning
B-1
Building Details
Building Size
4,100 SF
Year Built
1920
Stories
1
Units
1
Construction
brick
Listing Agency:
Fallivene Agency Inc.
Listed By:
Glenn S Fallivene · License #233507
(973) 882-1117
Source:
Betterhomerealestate
Added: Jul 20
Changed: Sep 8
Last Checked: Sep 8 at 6:36AM
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
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
1,455
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07110, NJ
30,149
Population
11,981
Households
2.5
Avg Household Size
41
Median Age
50%
College-Educated
94%
High-School Grad
3.4 sq mi
ZIP Area
8,867
Density / Sq Mi
$115,215
Median Household Income
$67,621
Median Earnings
$1,698
Median Rent
$489,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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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 Street 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
