Retail Property on High-Traffic
For Sale
Contact for pricing
231 Sanford St, East Orange, NJ 07018
Retail property with high visibility and consistent customer base.
Property Size2,300 SF
Price / SF$469.57
Days on Market967
Property Features for 231 Sanford St
General Information
Standard status
Active
Size
2,300 SF
Total Parking Spaces
12
Property subtype
Retail
Zoning
R-2
Investment Type
Owner/User
Building Details
Year Built
2007
Year Renovated
2009
Stories
1
Tenancy
Single
Listing Agency:
K Realty
(201) 600-4800
Listed By:
Jihyeon Seong · License #NJ1867183
Source:
Crexi
Added: Dec 18, 2023
Changed: Aug 8
Last Checked: Aug 8 at 11:41AM
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 K Realty
Investment Insights
Based on property information with market context.
This retail property is situated in a location with excellent visibility on a high-traffic street. The property generates a substantial annual income, exceeding $420,000, and benefits from a consistent customer base. Ample parking is available. The current owner, who is also the tenant, intends to sell both the property and the existing business together. This presents an opportunity for individuals interested in operating a dry cleaning business. There is potential to increase income through the addition of pickup and delivery services. The property size is 2300 square feet. The owner is selling due to retirement.
Key Highlights
- High income potential: $420,000+ per year with consistent customers.
- Excellent visibility on a high‑traffic street.
- Ample parking available.
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
$32,829
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
3.04%
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%
$656,580
$656.6K
Cap Rate 7%
$468,986
$469.0K
Cap Rate 9%
$364,767
$364.8K
Market Conditions
NOI Build-Up for 2,300 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
$49.7K $21.60/SF
− Vacancy
−$2.8K −$1.21/SF
EGI
$46.9K $20.39/SF
− OpEx
−$14.1K −$6.12/SF
NOI
$32.8K $14.27/SF
Area
Essex 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%
$656,580
Cap Rate 7%
$468,986
Cap Rate 9%
$364,767
Alternative Uses
Best Use
Retail
$469.0K
$410.4K – $547.2K
NOI $32,829 @ 7.0% cap · market cap 3.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$600.6K
$525.5K – $700.7K
NOI $42,040 @ 7.0% cap · market cap 3.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,013
Businesses Nearby
107k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 55%
Shops & Services 39%
Hotels & Casinos 3%
Apparel 2%
Burger King
Dining
16,673 visits/mo
0.3 miles
Dunkin' Donuts
Dining
16,273 visits/mo
0.3 miles
Wells Fargo
Shops & Services
12,810 visits/mo
0.4 miles
KFC
Dining
10,104 visits/mo
0.4 miles
AutoZone
Shops & Services
8,940 visits/mo
0.3 miles
Demographics for 07018, NJ
30,429
Population
13,107
Households
2.3
Avg Household Size
36
Median Age
25%
College-Educated
86%
High-School Grad
1.7 sq mi
ZIP Area
17,899
Density / Sq Mi
$59,039
Median Household Income
$39,630
Median Earnings
$1,410
Median Rent
$314,100
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail property with high visibility and consistent customer base.
Where is this retail space located?
The property is located at 231 Sanford St East Orange, NJ.
What is the asking price?
The asking price for this property is $1,080,000.
What are key features of this property?
This property features: High income potential: $420,000+ per year with consistent customers.; Excellent visibility on a high‑traffic street.; Ample parking available.
