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

    281 Essex Street Millburn, NJ 7041

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $4,800 /Mo

    Free-standing building in downtown Millburn's B4 Business Zone.

    Type:Commercial
    Lot size:
    0.11 Acres
    Added:
    Nov 4, 2025
    Days on Market:
    151
    Last Refresh:
    Apr 2 at 3:15 am

    Property Features for 281 Essex Street

    General Information

    Standard status
    Active
    Lot size
    0.11 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    JOANNA PARKER-LENTZ

    Listing agent JOANNA PARKER-LENTZ

    Listing office COLDWELL BANKER REALTY

    Listing date Nov 4, 2025

    Source Corcoran

    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 COLDWELL BANKER REALTY

    Overview

    Prime Retail Space in Millburn

    Located at 281 Essex Street in downtown Millburn, this free-standing building offers an exceptional retail leasing opportunity within the B4 Business Zone. The expansive and versatile space features a bright, open layout enhanced by large windows that provide ample natural light and maximize visibility. Additional basement space is included, suitable for storage, inventory, or back-office functions, offering enhanced functionality and flexibility. The property's prime downtown location ensures outstanding business exposure and accessibility. The B4 zoning permits a wide array of uses, including retail shops and boutiques, cafes, personal service establishments such as salons or fitness studios, real estate offices, and art galleries or showrooms. This property is an ideal location to establish or expand your business within a desirable commercial corridor.
    Location Intelligence

    Current Use by Public Records

    The Book House (Bike/Boat/Book/etc) Store

    Suggested Use

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

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

    Similar Places Nearby

    • Party Artistry Inc — 27 Bleeker St, Millburn, NJ 07041

    Location Insight

    • Map
    • Local Demand
    City
    Millburn
    County
    Essex
    State
    New Jersey
    Longitude
    -74.3087
    Latitude
    40.7244

    Nearby Similar for Lease

    • Sponsored
      Contact for pricing

      830 Morris Turnpike

      830 Morris Tpke, Unit 4TH, Short Hills, NJ 07078
      View Details
    • Contact for pricing

      Office Space in Millburn Township

      Office space for rent with ample parking and convenient location.
      27 Bleeker St, Millburn Twp., NJ 07041-1414
      View Details
    • Contact for pricing

      Office Space in Millburn Township

      Serviced and coworking office spaces for rent in Millburn, NJ.
      27 Bleeker St, Millburn Twp., NJ 07041-1414
      View Details
    • Contact for pricing

      Office Space in Millburn Township

      Bright office space with parking near major transportation routes.
      27 Bleeker St, Millburn Twp., NJ 07041-1414
      View Details
    • Contact for pricing

      Office Space in Millburn Township

      Office space with shared amenities and ample parking near major routes.
      27 Bleeker St, Millburn Twp., NJ 07041-1414
      View Details
    • Contact for pricing

      Renovated Office Space in Millburn

      Prime downtown Millburn location, convenient to trains, routes, shops.
      42 Main St, Millburn Twp., NJ 07041
      View Details
    • Contact for pricing

      Medical Office Suite For Lease

      Professional medical office suite in Millburn Medical Center.
      25 E Willow St, Millburn Twp., NJ 07041
      View Details
    • $35/mo

      Well-Maintained Millburn Commercial Space

      5,000 SF Millburn property suitable for retail or office.
      10 E Willow St, Millburn Twp., NJ 07041
      View Details
    • Sponsored
      Contact for pricing

      51 JFK Parkway

      51 Jfk Pkwy 1, Unit WEST, Millburn, NJ 07078
      View Details
    • $30/mo

      36,680 SF Office Building

      Office building with 36,680 SF available for rent.
      75 Main Street, Millburn, NJ 07041
      View Details
    • Contact for pricing

      Medical/Office Building with Options

      Medical/Office spaces available, ranging from 760 to 3,200 sq ft.
      120 MILLBURN AVE, Millburn Twp., NJ 07041
      View Details
    • Contact for pricing

      Multi Family

      7 Rosedale Ave 2, Millburn Twp., NJ 07041-1948
      View Details

    FAQs

    What type of property is this?
    Storefront property - Free-standing building in downtown Millburn's B4 Business Zone.
    Where is this storefront property located?
    The property is located at 281 Essex Street Millburn, NJ.
    What is the lease rate?
    The lease rate is $4,800 /Mo.
    What are key features of this property?
    This property features: Prime downtown Millburn location in B4 Business Zone.; Bright, open layout with large windows and natural light.; Versatile space suitable for various retail and service businesses.
    (973) 376-5200
    We can help!
    Listing Contact
    JOANNA PARKER-LENTZ
    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!