Freestanding Warehouse/Office Building For
For Sale
$2,950,000
Pending
29 Grove, South Hackensack, NJ 07606
12,000 SF warehouse/office building near Teterboro Airport.
Property Size12,000 SF
Days on Market255
Property Features for 29 Grove
General Information
Standard status
Pending
Size
12,000 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$43,977
Amenities
Central Air Heating
Gas Heating
Hot Air Heating
Listing Agency:
KELLER WILLIAMS TOWN LIFE
(201) 894-8004
Listed By:
SHANA COHEN · License #1433728
Source:
Corcoran
Added: Dec 19, 2025
Changed: Aug 11
Last Checked: Jul 23 at 9:18AM
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 KELLER WILLIAMS TOWN LIFE
Investment Insights
Based on property information with market context.
This is a 12,000 square foot freestanding warehouse and office building located in South Hackensack. It features two loading docks and is situated in the center of the Meadowlands industrial and logistics corridor, providing access to NJ Transit, I-80, and Route 46. The property is located minutes from Teterboro Airport and major New Jersey and New York City crossings. There are currently two tenants in place; one is month-to-month, and the other has a lease expiring on February 28, 2026. All dimensions are approximate.
Key Highlights
- 12,000 SF freestanding warehouse/office building.
- Prime location minutes from Teterboro Airport and major NJ/NYC crossings.
- Excellent access to NJ Transit, I‑80, and Route 46.
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
$183,600
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
6.22%
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%
$3,672,000
$3.7M
Cap Rate 7%
$2,622,857
$2.6M
Cap Rate 9%
$2,040,000
$2.0M
Market Conditions
NOI Build-Up for 12,000 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
$360.0K $30.00/SF
− Vacancy
−$115.2K −$9.60/SF
EGI
$244.8K $20.40/SF
− OpEx
−$61.2K −$5.10/SF
NOI
$183.6K $15.30/SF
Area
Bergen 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 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%
$3,672,000
Cap Rate 7%
$2,622,857
Cap Rate 9%
$2,040,000
Alternative Uses
Best Use
Office B
$2.62M
$2.30M – $3.06M
NOI $183,600 @ 7.0% cap · market cap 6.22%
Second Best
Warehouse
$2.34M
$2.04M – $2.73M
NOI $163,553 @ 7.0% cap · market cap 5.54%
Theoretical Best
Office A
$3.13M
$2.74M – $3.66M
NOI $219,341 @ 7.0% cap · market cap 7.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,026
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07606, NJ
2,701
Population
970
Households
2.8
Avg Household Size
39
Median Age
29%
College-Educated
88%
High-School Grad
0.7 sq mi
ZIP Area
3,859
Density / Sq Mi
$82,750
Median Household Income
$40,871
Median Earnings
$1,906
Median Rent
$514,700
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Warehouse - 12,000 SF warehouse/office building near Teterboro Airport.
Where is this warehouse located?
The property is located at 29 Grove South Hackensack, NJ.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: 12,000 SF freestanding warehouse/office building.; Prime location minutes from Teterboro Airport and major NJ/NYC crossings.; Excellent access to NJ Transit, I‑80, and Route 46.
