Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    238 Sherman St Passaic, NJ 7055

    View on Map
    Claim this Listing
    New
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $12 SF/Yr

    Second-floor unit with hardwood floors, separate utilities.

    Type:Multi Family
    Added:
    Apr 15, 2026
    Days on Market:
    2
    Last Refresh:
    Apr 9 at 6:49 am

    Property Features for 238 Sherman St

    General Information

    Standard status
    Active
    Property subtype
    Multi Family

    Building Details

    Year Built
    9999

    We can help!

    Listing Contact
    NANCY RODRIGUEZ

    Listing agent NANCY RODRIGUEZ

    Listing office Nicholas Real Estate

    Listing date Apr 15, 2026

    Source Elliman

    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 Nicholas Real Estate

    Overview

    Light Filled Two-Bedroom Unit

    This is a light-filled second-floor unit featuring two spacious bedrooms, a formal dining area, and a living room. The unit has hardwood flooring throughout and separate utilities. The property has a walk score of 74, indicating it is very walkable, a bike score of 46, indicating it is somewhat bikeable, and a transit score of 44, indicating some transit options are available.
    Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Daycare Center Building Supply

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Passaic
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.132859
    Latitude
    40.8667094

    Nearby Similar for Lease

    • Contact for pricing

      Functional Office Space Available

      Second-floor office space suitable for professional services in Passaic City.
      51 Central Ave, Passaic City, NJ 07055-8406
      View Details
    • Contact for pricing

      Passaic City Corner Storefront

      High-visibility corner storefront suitable for retail or professional office.
      212 Main Ave, Passaic City, NJ 07055-5500
      View Details
    • Contact for pricing

      Passaic City Ground-Floor Office Space

      Ground-floor office with open layout and convenient parking.
      54 Main Ave, Passaic City, NJ 07055-4425
      View Details
    • Contact for pricing

      Passaic City Office Space

      Second-floor office space suitable for professional services in Passaic City.
      51 Central Ave, Passaic City, NJ 07055-8406
      View Details
    • $12/mo

      Passaic City Retail Opportunity

      Vacant storefronts suitable for retail, office, or storage.
      139 9Th St, Passaic City, NJ 07055-8228
      View Details
    • Contact for pricing

      Passaic City Retail/Office Space

      1,000 sq ft retail/office space in downtown Passaic City.
      51 Central Ave, Passaic City, NJ 07055-8406
      View Details
    • Contact for pricing

      Functional Office Space Available

      Second-floor office space suitable for professional services.
      51 Central Ave, Passaic City, NJ 07055
      View Details
    • $7/mo

      Passaic Commercial Space For Rent

      Commercial space available in downtown Passaic for various businesses.
      743 Main Ave, Passaic City, NJ 07055
      View Details
    • Contact for pricing

      Passaic Retail Space Available

      Versatile retail space in Passaic, suitable for various businesses.
      222 3RD St, Passaic, NJ 07055-7809
      View Details
    • Contact for pricing

      Passaic City Commercial Space

      Commercial space for rent in Passaic City, New Jersey.
      63 Hammond Ave, Passaic City, NJ 07055-3169
      View Details
    • Contact for pricing

      Retail Space in Downtown Passaic

      1,000 sq ft retail space suitable for various businesses.
      51 Central Ave, Passaic, NJ 07055-8406
      View Details
    • Contact for pricing

      Ground-Floor Office Space Available

      1838 SF office space with convenient street-level access.
      54 Main Ave, Passaic City, NJ 07055
      View Details

    FAQs

    What type of property is this?
    Multifamily property - Second-floor unit with hardwood floors, separate utilities.
    Where is this multifamily property located?
    The property is located at 238 Sherman St Passaic, NJ.
    What is the lease rate?
    The lease rate is $12 SF/Yr.
    What are key features of this property?
    This property features: Very walkable location (Walk Score: 74); Hardwood flooring throughout; Two spacious bedrooms
    (973) 725-3778
    We can help!
    Listing Contact
    NANCY RODRIGUEZ
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!