B-1 Shopping
509-513 W Union Ave, Bound Brook, NJ 08805
For Sale
$9,900,000
Shopping center property with B-1 zoning and a 1960 construction date.
Property Size54,179 SF
Price / SF$182.73
Days on Market96
Property Features for 509-513 W Union Ave
General Information
Standard status
Size
Property subtype
Amenities
100% Occupied, Approximately 54,179 Square Foot Neighborhood Shopping Center Featuring a Diversified Mix of Retail, Fitness and Service-Oriented Tenants
National Food Lab Space Guaranteed by Eurofins Scientific
Strong In-Place Cash Flow with Approximately $768,000 in NOI, Over $1.1 Million in Gross Revenue
Building Details
Building Size
Year Built
Listing Agency:
Marcus & Millichap - New Jersey
Listed By:
Alan Cafiero
(201) 742-6118
Source:
Marcusmillichap
Added: Aug 9
Changed: Oct 26
Last Checked: Nov 10 at 5:08AM
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 Marcus & Millichap - New Jersey
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Investment Insights
Based on property information with market context.
This shopping center property was constructed in 1960 and carries B-1 zoning. The property is identified at 509-513 W Union Ave in Bound Brook, New Jersey, within Somerset County. The recorded property size is 54,179.
Key Highlights
- 54,179 property size
- B‑1 zoning
- Constructed in 1960
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$773,312
Cap Rate
7.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$15,466,240
$15.5M
Cap Rate 7%
$11,047,314
$11.0M
Cap Rate 9%
$8,592,356
$8.6M
Market Conditions
NOI Build-Up for 54,179 SF
Gross rent
$1.17M $21.60/SF
− Vacancy
−$65.5K −$1.21/SF
EGI
$1.10M $20.39/SF
− OpEx
−$331.4K −$6.12/SF
NOI
$773.3K $14.27/SF
Area
Somerset County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$15,466,240
Cap Rate 7%
$11,047,314
Cap Rate 9%
$8,592,356
Alternative Uses
Best Use
Retail
$11.05M
$9.67M – $12.89M
NOI $773,312 @ 7.0% cap · market cap 7.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$14.15M
$12.38M – $16.51M
NOI $990,305 @ 7.0% cap · market cap 10.00%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
632
Businesses Nearby
402k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 34%
Groceries 25%
Home Improvements & Furnishings 15%
Shops & Services 10%
Target
Superstores
138,250 visits/mo
0.4 miles
The Home Depot
Home Improvements & Furnishings
59,806 visits/mo
0.4 miles
Trader Joe's
Groceries
51,964 visits/mo
0.5 miles
ShopRite
Groceries
49,938 visits/mo
0.3 miles
Old Navy
Apparel
26,513 visits/mo
0.5 miles
Demographics for 08805, NJ
13,948
Population
5,524
Households
2.5
Avg Household Size
37
Median Age
33%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
4,810
Density / Sq Mi
$84,201
Median Household Income
$41,874
Median Earnings
$1,859
Median Rent
$393,900
Median Home Value
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Market
Vacancy Rate% for Retail in Northeast region
Similar Off Market Nearby
- Bridgewater Promenade — 119 Promenade Blvd, Bridgewater, NJ 08807
- Efinger Plaza — 509-513 W Union Ave, Bound Brook, NJ 08805
- Middlebrook Center — Unnamed Road, Bound Brook, NJ 08805
Frequently Asked Questions
What type of property is this?
Shopping center - Shopping center property with B-1 zoning and a 1960 construction date.
Where is this shopping center located?
The property is located at 509-513 W Union Ave Bound Brook, NJ.
What is the asking price?
The asking price for this property is $9,900,000.
What are key features of this property?
This property features: 54,179 property size; B‑1 zoning; Constructed in 1960
