Ground-Floor Office
For Sale
Contact for pricing
23 Park Ave, Somerville, NJ 08876
Street-level commercial space accommodates office and service-oriented uses with direct visibility and access.
Property Size3,000 SF
Price / SF$1.00
Days on Market68
Property Features for 23 Park Ave
General Information
Standard status
Active
Size
3,000 SF
Additional Details
Floor
Ground Floor
Listing Agency:
BHHS FOX & ROACH
Listed By:
TIM DELUCCIA · License #8243435
(732) 469-1515
Source:
Luminancerealty
Added: Aug 12
Changed: Oct 15
Last Checked: Oct 5 at 11:30PM
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 BHHS FOX & ROACH
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Investment Insights
Based on property information with market context.
Located at 23 Park Ave in Somerville Boro, this approximately 3,000 SF ground-floor commercial unit combines office and shop functionality. The space is positioned in Downtown Somerville and offers visibility from the surrounding area along with convenient access.
Its configuration is suited to office or service-oriented operations, providing flexibility for businesses seeking a customer-accessible commercial setting. The property is offered for sale.
Its configuration is suited to office or service-oriented operations, providing flexibility for businesses seeking a customer-accessible commercial setting. The property is offered for sale.
Key Highlights
- Approximately 3,000 SF of ground‑floor office/shop space
- Located in Downtown Somerville
- Office and service‑oriented use potential
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,900
Suggested Prices Based on Cap Rates
Cap Rate 5%
$918,000
$918.0K
Cap Rate 7%
$655,714
$655.7K
Cap Rate 9%
$510,000
$510.0K
Market Conditions
NOI Build-Up for 3,000 SF
Gross rent
$90.0K $30.00/SF
− Vacancy
−$28.8K −$9.60/SF
EGI
$61.2K $20.40/SF
− OpEx
−$15.3K −$5.10/SF
NOI
$45.9K $15.30/SF
Area
Somerset 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%
$918,000
Cap Rate 7%
$655,714
Cap Rate 9%
$510,000
Alternative Uses
Best Use
Office B
$655.7K
$573.8K – $765.0K
NOI $45,900 @ 7.0% cap · market cap 1,530.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$783.4K
$685.4K – $913.9K
NOI $54,835 @ 7.0% cap · market cap 1,827.83%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,727
Businesses Nearby
Explore this area
Business Placement
Demographics for 08876, NJ
22,849
Population
9,717
Households
2.4
Avg Household Size
40
Median Age
56%
College-Educated
94%
High-School Grad
16.0 sq mi
ZIP Area
1,428
Density / Sq Mi
$120,823
Median Household Income
$70,464
Median Earnings
$1,776
Median Rent
$468,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office units - Street-level commercial space accommodates office and service-oriented uses with direct visibility and access.
Where is this office units located?
The property is located at 23 Park Ave Somerville, NJ.
What are key features of this property?
This property features: Approximately 3,000 SF of ground‑floor office/shop space; Located in Downtown Somerville; Office and service‑oriented use potential
