Building Details

Tenancy Single

Listing Agency: RE/MAX Fortune Properties

Listed By: Shin (Sam) Chung · License #0340510 Show Phone

Source: Crexi

Added: Apr 11 Changed: Oct 10 Last Checked: Oct 14 at 8:22PM

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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.

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 / Yr

$42,820

Cap Rate

4.76%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$856,400 $856.4K

Cap Rate 7%

$611,714 $611.7K

Cap Rate 9%

$475,778 $475.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,000 SF

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 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 (±1% cap)

NOI $42,820 @ 7.0% cap · market cap 4.76%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$783.4K

$685.4K – $913.9K (±1% cap)

NOI $54,835 @ 7.0% cap · market cap 6.10%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Retail space

Suggested Use

Top Pick Skin Care Clinic Real Estate Agency Daycare Center Computer & Electronic Repair Carpet & Flooring Store Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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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 $899,000.

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