Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Retail/Office/Medical Space Available Title is generated by Realmo AI

    517 Chestnut St, Union, NJ 07083

    View on Map
    Claim this Listing
    For Lease
    $3,200 /Mo

    Versatile space suitable for retail, office, or medical use.

    Type:Commercial
    Lot size:
    0.39 Acres
    Added:
    Jul 7, 2025
    Days on Market:
    333
    Last Refresh:
    May 10 at 11:17 pm

    Property Features for 517 Chestnut St

    General Information

    Standard status
    Active
    Lot size
    0.39 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    9999

    We can help!

    Listing Contact
    MARIO MENDOZA

    Listing agent MARIO MENDOZA

    Listing office INVESTORS REALTY INC

    Listing date Jul 7, 2025

    Source Corcoran

    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 INVESTORS REALTY INC

    HighLights

    • Suitable for a variety of business types: nail salon, office, retail, medical, etc.
    • Tenant responsible for all utilities except property taxes.
    • Versatile space adaptable to different business needs.
    • Location suitable for commercial use.
    • Year Built: 9999

    Overview

    This property is suitable for a variety of uses, including nail salons, offices, retail spaces, and medical facilities. The tenant is responsible for covering all utility costs, with the exception of property taxes.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Union
    County
    Union
    State
    New Jersey
    Longitude
    -74.2689507
    Latitude
    40.6844464

    Nearby Similar for Lease

    • $3,000/Mo

      Union Twp. Office Space Available

      Move-in ready office space in Union Twp., NJ for lease.
      936 Stuyvesant Ave, Union Twp., NJ 07083-6991
      View Details
    • $2,500/Mo

      Union Twp. First-Floor Office Space

      First-floor office space suitable for various professional uses.
      2424 Morris Ave, Union Twp., NJ 07083-5710
      View Details
    • $900/Mo

      Office Suites in Mixed-Use Building

      Flexible office suites with assigned parking in a high-visibility mixed-use setting on the Union/Irvington border.
      934 Stuyvesant Ave, Union Twp., NJ 07083-6906
      View Details
    • $500/Mo

      Office Suites with Assigned Parking

      Flexible office suites in a mixed-use setting with assigned parking and strong daily traffic visibility.
      934 Stuyvesant Ave, Union Twp., NJ 07083-6906
      View Details
    • $800/Mo

      Office Suites with Assigned Parking

      Flexible office suites with assigned parking and strong foot/vehicle traffic on the Union–Irvington border.
      934 Stuyvesant Ave, Union Twp., NJ 07083-6906
      View Details
    • $900/Mo

      Flexible Office Suites with Parking

      Flexible office suites with assigned parking, benefiting from strong daily foot and vehicle traffic.
      934 Stuyvesant Ave, Union Twp., NJ 07083-6906
      View Details
    • Sponsored
      Contact for pricing

      NJ, Hampton - Frontage Rd

      53 Frontage Rd 1Srt, Unit HAMPTON, Union, NJ 08827
      View Details
    • $1,000/Mo
      3,000 SF

      Union Twp. Office Space Available

      Professional office suites for lease in a well-maintained building.
      1460 Morris Ave, Union Twp., NJ 07083-3313
      View Details
    • $6,000/Mo
      1,900 SF

      Refurbished Flex-Warehouse Unit in Union

      Newly refurbished flex-warehouse unit with high ceilings and drive-in doors.
      515 Lehigh Ave, Union Twp., NJ 07083
      View Details
    • $2,500/Mo
      2,700 SF

      Updated Office Space Available

      Bright, updated 800 sq. ft. office space for rent.
      1485 Morris Ave, Union Twp., NJ 07083
      View Details
    • $1,650/Mo
      650 SF

      Updated Retail Space on Burnet

      Newly updated 650 SF retail space with excellent visibility.
      1300 Burnet Ave, Union Twp., NJ 07083
      View Details
    • $25 SF/Yr
      1,500 SF

      Union, NJ Commercial Space

      Commercial property in revitalized Union, NJ, suitable for various businesses.
      985 Stuyvesant Ave, Union Twp., NJ 07083
      View Details

    FAQs

    What type of property is this?
    Retail space - Versatile space suitable for retail, office, or medical use.
    Where is this retail space located?
    The property is located at 517 Chestnut St Union, NJ.
    What is the lease rate?
    The lease rate is $3,200 /Mo.
    What are key features of this property?
    This property features: Suitable for a variety of business types: nail salon, office, retail, medical, etc.; Tenant responsible for all utilities except property taxes.; Versatile space adaptable to different business needs.
    (908) 212-3635
    We can help!
    Listing Contact
    MARIO MENDOZA
    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

    Thank You for Inquiry
    517 Chestnut St, Union Twp., NJ 07083
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!