Listing Agency: Jeffery Realty Show Phone

Listed By: Bruce Jeffery · License #8336589 Show Phone

Source: Moodyscre

Added: Oct 28 Changed: Oct 30 Last Checked: Oct 30 at 3:28PM

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Investment Insights

Based on property information with market context.

This 3,580-square-foot retail space includes a partial basement, providing additional area within the property. There is no on-site parking; a municipal parking lot is one block away.

The property is close to Short Hills Train Station, Millburn High School, and Downtown Millburn.

Key Highlights

• 3,580‑square‑foot retail space
• Partial basement available
• No on‑site parking; municipal parking lot #14 is one block away

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$51,098

Cap Rate

4.07%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,021,960 $1.0M

Cap Rate 7%

$729,971 $730.0K

Cap Rate 9%

$567,756 $567.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,580 SF

Gross rent

$77.3K $21.60/SF

− Vacancy

−$4.3K −$1.21/SF

EGI

$73.0K $20.39/SF

− OpEx

−$21.9K −$6.12/SF

NOI

$51.1K $14.27/SF

Area

Essex 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%

$1,021,960

Cap Rate 7%

$729,971

Cap Rate 9%

$567,756

Alternative Uses

Best Use

Retail

$730.0K

$638.7K – $851.6K (±1% cap)

NOI $51,098 @ 7.0% cap · market cap 4.07%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$934.8K

$818.0K – $1.09M (±1% cap)

NOI $65,437 @ 7.0% cap · market cap 5.21%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Retail space

Suggested Use

Top Pick Big Box & Wholesale Store Auto Parts Store Storage Facility Hotel & Motel HVAC Service Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

140

Businesses Nearby

Explore this area Business Placement

Demographics for 07078, NJ

14,061

Population

4,433

Households

3.2

Avg Household Size

41

Median Age

90%

College-Educated

99%

High-School Grad

8.0 sq mi

ZIP Area

1,758

Density / Sq Mi

$250,001

Median Household Income

$165,824

Median Earnings

$3,363

Median Rent

$1,627,300

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Frequently Asked Questions

What type of property is this?

Retail space - The space is one block from a municipal parking lot and near transit, a high school, and downtown amenities.

Where is this retail space located?

The property is located at 519 Millburn Ave Short Hills, NJ.

What is the asking price?

The asking price for this property is $1,255,000.

What are key features of this property?

This property features: 3,580‑square‑foot retail space; Partial basement available; No on‑site parking; municipal parking lot #14 is one block away