Mixed-Use Building with
For Sale
$949,900
29 Smull Ave, Caldwell, NJ 07006
Professional office space is paired with an updated three-bedroom residential unit and basement storage.
Property Size2,764 SF
Price / SF$343.67
Days on Market43
Property Features for 29 Smull Ave
General Information
Standard status
Active
Size
2,764 SF
Building Details
Year Built
1940
Listing Agency:
FALLIVENE AGENCY INC.
(973) 882-1117
Listed By:
JOHN FALLIVENE, GLENN S FALLIVENE · License #233507
Source:
Luminancerealty
Added: Jul 20
Changed: Aug 30
Last Checked: Aug 30 at 8:28PM
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 FALLIVENE AGENCY INC.
Investment Insights
Based on property information with market context.
This 2,764-square-foot mixed-use property, built in 1940, combines a medical office with an updated three-bedroom apartment. The office component includes separate front and rear foyers, reception and staff workspace, four exam rooms, a break room, laboratory, private office, and two bathrooms. Basement improvements add another bathroom, a small office or lunchroom, and substantial storage space.
The residential portion occupies the second floor and features an eat-in kitchen with updated cabinetry, granite countertops, and additional seating, along with a bright living room, upgraded closet systems, a full bathroom, and a sauna in one bedroom. A Miele washer and dryer are included. The property also has 8 marked parking spaces, a large garage, storage shelving, and a second-floor leisure area with high ceilings and newer flooring.
At 29 Smull Ave in Caldwell Boro Twp., the property is steps from Bloomfield Avenue and near restaurants, shops, and nightlife. The source describes a Walk Score of 86.
The residential portion occupies the second floor and features an eat-in kitchen with updated cabinetry, granite countertops, and additional seating, along with a bright living room, upgraded closet systems, a full bathroom, and a sauna in one bedroom. A Miele washer and dryer are included. The property also has 8 marked parking spaces, a large garage, storage shelving, and a second-floor leisure area with high ceilings and newer flooring.
At 29 Smull Ave in Caldwell Boro Twp., the property is steps from Bloomfield Avenue and near restaurants, shops, and nightlife. The source describes a Walk Score of 86.
Key Highlights
- 2,764‑square‑foot mixed‑use building built in 1940
- Medical office layout with 4 exam rooms, laboratory, reception area, and private office
- Updated second‑floor 3‑bedroom apartment with granite kitchen countertops
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
$42,289
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
4.45%
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%
$845,780
$845.8K
Cap Rate 7%
$604,129
$604.1K
Cap Rate 9%
$469,878
$469.9K
Market Conditions
NOI Build-Up for 2,764 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
$82.9K $30.00/SF
− Vacancy
−$26.5K −$9.60/SF
EGI
$56.4K $20.40/SF
− OpEx
−$14.1K −$5.10/SF
NOI
$42.3K $15.30/SF
Area
Essex 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%
$845,780
Cap Rate 7%
$604,129
Cap Rate 9%
$469,878
Alternative Uses
Best Use
Office B
$604.1K
$528.6K – $704.8K
NOI $42,289 @ 7.0% cap · market cap 4.45%
Second Best
Healthcare Medical
$587.9K
$514.4K – $685.9K
NOI $41,155 @ 7.0% cap · market cap 4.33%
Theoretical Best
Office A
$721.7K
$631.5K – $842.0K
NOI $50,521 @ 7.0% cap · market cap 5.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,181
Businesses Nearby
Explore this area
Business Placement
Demographics for 07006, NJ
26,733
Population
10,183
Households
2.6
Avg Household Size
42
Median Age
65%
College-Educated
96%
High-School Grad
9.3 sq mi
ZIP Area
2,875
Density / Sq Mi
$148,645
Median Household Income
$74,342
Median Earnings
$1,973
Median Rent
$667,300
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Professional office space is paired with an updated three-bedroom residential unit and basement storage.
Where is this mixed-use property located?
The property is located at 29 Smull Ave Caldwell, NJ.
What is the asking price?
The asking price for this property is $949,900.
What are key features of this property?
This property features: 2,764‑square‑foot mixed‑use building built in 1940; Medical office layout with 4 exam rooms, laboratory, reception area, and private office; Updated second‑floor 3‑bedroom apartment with granite kitchen countertops
