Commercial Condo Near Train
For Sale
$249,000
41 Glenridge #1L, Montclair, NJ 07042
First-floor office condo with hardwood floors and storage.
Property Size588 SF
Price / SF$423.47
Days on Market277
Property Features for 41 Glenridge #1L
General Information
Standard status
Active
Size
588 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,937
Amenities
Electric Heating
Listing Agency:
REALTY ONE GROUP LIVING
(201) 636-2280
Listed By:
MARIA WARNER
Source:
Corcoran
Added: Nov 5, 2025
Changed: Aug 8
Last Checked: Aug 8 at 1:51PM
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 REALTY ONE GROUP LIVING
Investment Insights
Based on property information with market context.
This first-floor commercial condominium unit, approximately 588 square feet, is suitable for professional or office use. It features hardwood flooring, a bathroom, and storage space. The unit is equipped with a split-unit AC/Heat system. The property is located across from a train station and is in close proximity to Mountainside Hospital.
Key Highlights
- First floor commercial condo unit
- Across from train station
- Approx 588sqft
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
$8,996
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
3.61%
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%
$179,920
$179.9K
Cap Rate 7%
$128,514
$128.5K
Cap Rate 9%
$99,956
$100.0K
Market Conditions
NOI Build-Up for 588 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
$17.6K $30.00/SF
− Vacancy
−$5.6K −$9.60/SF
EGI
$12.0K $20.40/SF
− OpEx
−$3.0K −$5.10/SF
NOI
$9.0K $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%
$179,920
Cap Rate 7%
$128,514
Cap Rate 9%
$99,956
Alternative Uses
Best Use
Office B
$128.5K
$112.5K – $149.9K
NOI $8,996 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$153.5K
$134.4K – $179.1K
NOI $10,748 @ 7.0% cap · market cap 4.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,854
Businesses Nearby
Explore this area
Business Placement
Demographics for 07042, NJ
27,384
Population
11,682
Households
2.3
Avg Household Size
39
Median Age
67%
College-Educated
96%
High-School Grad
3.8 sq mi
ZIP Area
7,206
Density / Sq Mi
$127,083
Median Household Income
$75,856
Median Earnings
$2,017
Median Rent
$733,100
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?
Office units - First-floor office condo with hardwood floors and storage.
Where is this office units located?
The property is located at 41 Glenridge #1L Montclair, NJ.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: First floor commercial condo unit; Across from train station; Approx 588sqft
