Renovated Retail
For Sale
Contact for pricing
214 W Union Ave, Bound Brook, NJ 08805
B-1-zoned commercial space combines two former storefronts into one renovated retail layout with on-site parking.
Property Size3,000 SF
Lot Size0.46 Acres
Price / SF$331.67
Days on Market143
Property Features for 214 W Union Ave
General Information
Standard status
Active
Size
3,000 SF
Total Parking Spaces
16
Lot size
0.46 Acres
Property subtype
Retail
Zoning
B-1
Additional Details
Asking Price
$995,000
Building Details
Tenancy
Single
Listing Agency:
RE/MAX Fortune Properties
(201) 816-8889
Listed By:
Shin (Sam) Chung · License #0340510
Source:
Crexi
Added: Apr 11
Changed: Aug 30
Last Checked: Aug 30 at 9:56PM
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 RE/MAX Fortune Properties
Investment Insights
Based on property information with market context.
This 3,000-square-foot retail property at 214 W Union Ave brings together two former storefronts in a single renovated commercial space. The premises are currently configured for use as a Korean Tae Kwon Do school, providing an established layout for continued occupancy or adaptation to another retail-oriented use.
The property occupies 19,998 square feet of land and includes 16 parking spaces on the premises. B-1 zoning supports the property's commercial retail classification, while its Bound Brook address places the building within an established New Jersey community.
The property occupies 19,998 square feet of land and includes 16 parking spaces on the premises. B-1 zoning supports the property's commercial retail classification, while its Bound Brook address places the building within an established New Jersey community.
Key Highlights
- 3,000 sqft retail property
- 19,998 sqft of land
- 16 parking spaces on premises
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
$42,820
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
4.30%
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%
$856,400
$856.4K
Cap Rate 7%
$611,714
$611.7K
Cap Rate 9%
$475,778
$475.8K
Market Conditions
NOI Build-Up for 3,000 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
$64.8K $21.60/SF
− Vacancy
−$3.6K −$1.21/SF
EGI
$61.2K $20.39/SF
− OpEx
−$18.4K −$6.12/SF
NOI
$42.8K $14.27/SF
Area
Somerset County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$856,400
Cap Rate 7%
$611,714
Cap Rate 9%
$475,778
Alternative Uses
Best Use
Retail
$611.7K
$535.3K – $713.7K
NOI $42,820 @ 7.0% cap · market cap 4.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$783.4K
$685.4K – $913.9K
NOI $54,835 @ 7.0% cap · market cap 5.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
865
Businesses Nearby
10k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 57%
Dining 22%
Electronics 21%
7-Eleven
Shops & Services
4,527 visits/mo
0.4 miles
Cricket Wireless Authorized Retailer
Electronics
2,033 visits/mo
0.3 miles
Crown Fried Chicken
Dining
1,337 visits/mo
0.3 miles
CubeSmart Self Storage
Shops & Services
1,000 visits/mo
0.3 miles
Krispy Krunchy Chicken
Dining
832 visits/mo
0.5 miles
Demographics for 08805, NJ
13,948
Population
5,524
Households
2.5
Avg Household Size
37
Median Age
33%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
4,810
Density / Sq Mi
$84,201
Median Household Income
$41,874
Median Earnings
$1,859
Median Rent
$393,900
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - B-1-zoned commercial space combines two former storefronts into one renovated retail layout with on-site parking.
Where is this retail space located?
The property is located at 214 W Union Ave Bound Brook, NJ.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 3,000 sqft retail property; 19,998 sqft of land; 16 parking spaces on premises
