Turnkey Retail Opportunity in
For Sale
$2,699,000
Pending
454 Chestnut St, Union, NJ 07083
Prime commercial property with existing retail infrastructure in Union, NJ.
Property Size6,188 SF
Lot Size0.66 Acres
Days on Market186
Property Features for 454 Chestnut St
General Information
Standard status
Pending
Size
6,188 SF
Lot size
0.66 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$52,971
Amenities
Central air
Asphalt Shingle Roof
4+ Units Cooling
4+ Units Heating
Central Air Cooling
Forced Hot Air Heating
Parking Lot-Exclusive
Building Details
Year Built
2019
Listing Agency:
KELLER WILLIAMS REALTY
(908) 233-8502
Listed By:
MICHAEL MARTINETTI · License #297275
Source:
Corcoran
Added: Feb 11
Changed: Aug 8
Last Checked: Jul 23 at 9:06AM
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 REALTY
Investment Insights
Based on property information with market context.
Located on Chestnut Street in Union, NJ, this commercial property offers a retail opportunity with existing infrastructure. Formerly a liquor store, the main level features over 6,000 square feet of open retail space, a glass entry foyer, and two sets of doors. The layout includes counter space, refrigerated display units, a walk-in freezer, two bathrooms, and utility sinks. A rear loading dock, private parking lot, and shopping cart corral support customer convenience and logistics. A roller conveyor system connects the basement to the main floor. The 6,188-square-foot basement level provides storage space, a utility room, a private office, and a utility sink. This property is suited for retail, specialty food, beverage, or service-oriented businesses.
Key Highlights
- Fully built‑out 6,000+ sq ft retail space, formerly a liquor store, ready for immediate occupancy.
- Prime location on Chestnut Street in Union, NJ, offering high visibility in a strong commercial corridor.
- 6,188 sq ft basement with storage, office, and utility sink, connected to the main floor via a roller conveyor system.
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
$94,632
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
3.51%
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%
$1,892,640
$1.9M
Cap Rate 7%
$1,351,886
$1.4M
Cap Rate 9%
$1,051,467
$1.1M
Market Conditions
NOI Build-Up for 6,188 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
$133.7K $21.60/SF
− Vacancy
−$7.5K −$1.21/SF
EGI
$126.2K $20.39/SF
− OpEx
−$31.5K −$5.10/SF
NOI
$94.6K $15.29/SF
Area
Union County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /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%
$1,892,640
Cap Rate 7%
$1,351,886
Cap Rate 9%
$1,051,467
Alternative Uses
Best Use
Specialty Retail
$1.35M
$1.18M – $1.58M
NOI $94,632 @ 7.0% cap · market cap 3.51%
Second Best
Retail
$1.26M
$1.10M – $1.47M
NOI $88,323 @ 7.0% cap · market cap 3.27%
Theoretical Best
Office A
$1.62M
$1.41M – $1.89M
NOI $113,107 @ 7.0% cap · market cap 4.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,439
Businesses Nearby
42k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 76%
Dining 23%
Beauty & Spa 1%
Bank of America
Shops & Services
7,800 visits/mo
0.4 miles
TD Bank
Shops & Services
7,306 visits/mo
0.4 miles
Dunkin' Donuts
Dining
5,611 visits/mo
0.4 miles
Shell
Shops & Services
5,588 visits/mo
0.4 miles
Raceway
Shops & Services
4,638 visits/mo
0.4 miles
Demographics for 07083, NJ
56,131
Population
20,792
Households
2.7
Avg Household Size
41
Median Age
41%
College-Educated
89%
High-School Grad
8.7 sq mi
ZIP Area
6,452
Density / Sq Mi
$118,106
Median Household Income
$58,443
Median Earnings
$1,938
Median Rent
$425,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Seabra's Market — 1350 Galloping Hill Rd, Union, NJ 07083
- ACME Markets — 801 Kenilworth Blvd, Kenilworth, NJ 07033
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Prime commercial property with existing retail infrastructure in Union, NJ.
Where is this grocery and convenience store located?
The property is located at 454 Chestnut St Union, NJ.
What is the asking price?
The asking price for this property is $2,699,000.
What are key features of this property?
This property features: Fully built‑out 6,000+ sq ft retail space, formerly a liquor store, ready for immediate occupancy.; Prime location on Chestnut Street in Union, NJ, offering high visibility in a strong commercial corridor.; 6,188 sq ft basement with storage, office, and utility sink, connected to the main floor via a roller conveyor system.
