Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    508 North Ave Garwood, NJ 7027

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Retail space with high visibility near train and ShopRite.

    Type:Retail
    Added:
    Oct 21, 2024
    Days on Market:
    551
    Last Refresh:
    Mar 17 at 1:23 pm

    Property Features for 508 North Ave

    General Information

    Standard status
    Active
    Property subtype
    Retail

    Spaces For Lease

    at 508 North Ave Contact us

    We can help!

    Listing Contact
    Tom Donovan

    Listing agent Tom Donovan License #0793018

    Listing office Donovan Realty & Development, Inc.

    Listing date Oct 21, 2024

    Source Crexi

    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 Donovan Realty & Development, Inc.

    Overview

    Retail Space Near Garwood Station

    This retail space benefits from a premium location anchored by 59 residential units and situated across the street from a ShopRite. The property offers great visibility and robust traffic, with 18,461 vehicles per day. The surrounding area boasts excellent demographics, with 390,000 residents and a median household income of $93,000 within a 5-mile radius. National brands such as Orangetheory Fitness and Massage Envy are located nearby. The property is steps away from the Garwood Train Station and offers convenient access to the New Jersey Turnpike and the Garden State Parkway.
    Location Intelligence

    Current Use by Public Records

    Hands of Life Martial ... Training Center

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Garwood
    County
    Union
    State
    New Jersey
    Longitude
    -74.329696
    Latitude
    40.6527959

    Nearby Similar for Lease

    • $2,725/Mo

      Multi Family

      105 Center St 2, Garwood, NJ 07027-1265
      View Details
    • $2,400/Mo

      Spacious Apartment in Prime Location

      Bright, two-bedroom apartment near transit, shopping, and dining.
      400 Myrtle Ave 2, Garwood, NJ 07027-1214
      View Details
    • Contact for pricing

      Garwood Retail Space in Mixed-Use

      Retail space in new mixed-use project with 296 residential units.
      450 South Ave, Garwood, NJ
      View Details
    • $14 SF/Yr

      Industrial Space Available for Lease

      3,300 SF industrial property available for lease.
      618 South Ave, Garwood, NJ
      View Details
    • $9 SF/Yr

      Garwood Warehouse Space Available

      28,620 SF warehouse space for lease in Garwood, NJ.
      520 South Ave, Garwood, NJ
      View Details
    • $15 SF/Yr

      Garwood Warehouse and Industrial Space

      Two buildings totaling 28,460 SF available for lease.
      477 North Ave, Garwood, NJ
      View Details
    • $15 SF/Yr

      Industrial Buildings with A/C

      Two industrial buildings totaling 28,460 SF available for lease.
      475 North Ave, Garwood, NJ
      View Details
    • Contact for pricing

      Office / Medical Space Available

      Office or medical space available for lease or sale.
      216 North Ave, Garwood, NJ 07027
      View Details
    • Contact for pricing

      Retail Space for Lease

      Retail space available for lease in Garwood, New Jersey.
      South Avenue and Center St, Garwood, NJ 07027
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space with high visibility near train and ShopRite.
    Where is this retail space located?
    The property is located at 508 North Ave Garwood, NJ.
    What are key features of this property?
    This property features: Premium location anchored by 59 residential units and across the street from ShopRite.; Excellent demographics: 390,000 residents and $93,000 median household income within 5 miles.; Great visibility & robust traffic (18,461 VPD).
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Tom Donovan
    Real Estate License ID: 0793018
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!