Leonia Multifamily Investment
For Sale
Contact for pricing
490 Broad Avenue, Leonia, NJ 07605
Multifamily property in Leonia, NJ with convenient access.
Property Size3,400 SF
Lot Size0.22 Acres
Price / SF$370.59
Days on Market112
Property Features for 490 Broad Avenue
General Information
Standard status
Active
Size
3,400 SF
Lot size
0.22 Acres
Property subtype
Multifamily
Net Operating Income
$91,965
Building Details
Year Built
1930
Buildings
1
Stories
3
Units
6
Listing Agency:
Horvath & Tremblay
Listed By:
Michael Lombardi · License #0569706
(201) 215-1801
Source:
Crexi
Added: May 14
Changed: Aug 28
Last Checked: Aug 31 at 1:18PM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
The multi-family investment property at 490 Broad Ave in Leonia, NJ, is a three-story building featuring two 2-bedroom/1-bathroom units and four 1-bedroom/1-bathroom units. The building has a gross area of 3,400 square feet and is situated on a 0.22-acre parcel. Off-street parking is available, including an on-site garage. The property is strategically located along Leonia’s primary commercial corridor, providing direct access to the borough’s neighborhood retail base, surrounding residential communities, and nearby employment centers. It benefits from immediate frontage on Broad Avenue (U.S. Route 9W), a key north–south artery connecting Leonia to Englewood, Palisades Park, and Fort Lee. Its proximity to Interstate 95 (New Jersey Turnpike) and Route 4 provides efficient regional connectivity throughout Northern New Jersey and into New York City, which is located just minutes away via the George Washington Bridge.
Key Highlights
- Excellent location on Broad Avenue (U.S. Route 9W), a primary commercial corridor in Leonia, NJ.
- Close proximity to Interstate 95 (New Jersey Turnpike) and Route 4, offering efficient regional connectivity.
- Easy access to New York City via the George Washington Bridge.
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
$52,285
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
4.15%
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%
$1,045,700
$1.0M
Cap Rate 7%
$746,929
$746.9K
Cap Rate 9%
$580,944
$580.9K
Market Conditions
NOI Build-Up for 3,400 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
$102.0K $30.00/SF
− Vacancy
−$6.9K −$2.04/SF
EGI
$95.1K $27.96/SF
− OpEx
−$42.8K −$12.58/SF
NOI
$52.3K $15.38/SF
Area
Bergen County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,045,700
Cap Rate 7%
$746,929
Cap Rate 9%
$580,944
Alternative Uses
Best Use
Apartment 5plus
$746.9K
$653.6K – $871.4K
NOI $52,285 @ 7.0% cap · market cap 4.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$887.8K
$776.8K – $1.04M
NOI $62,147 @ 7.0% cap · market cap 4.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
902
Businesses Nearby
Explore this area
Business Placement
Demographics for 07605, NJ
9,324
Population
3,581
Households
2.6
Avg Household Size
44
Median Age
61%
College-Educated
92%
High-School Grad
1.5 sq mi
ZIP Area
6,216
Density / Sq Mi
$115,476
Median Household Income
$66,632
Median Earnings
$2,122
Median Rent
$634,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property in Leonia, NJ with convenient access.
Where is this apartment building located?
The property is located at 490 Broad Avenue Leonia, NJ.
What is the asking price?
The asking price for this property is $1,260,000.
What are key features of this property?
This property features: Excellent location on Broad Avenue (U.S. Route 9W), a primary commercial corridor in Leonia, NJ.; Close proximity to Interstate 95 (New Jersey Turnpike) and Route 4, offering efficient regional connectivity.; Easy access to New York City via the George Washington Bridge.
