Elmwood Park Office
For Sale
Contact for pricing
Pending
611 River Drive, Elmwood Park, NJ 07026
86,003 SqFt office building with 7.90% CAP rate.
Property Size86,003 SF
Days on Market190
Property Features for 611 River Drive
General Information
Standard status
Pending
Size
86,003 SF
Total Parking Spaces
375
Property subtype
Office
Zoning
Office (C-O)
Occupancy
100%
Building Details
Year Built
1999
Buildings
4
Stories
4
Tenancy
Multi
Listing Agency:
RIPCO Real Estate New York
(516) 647-7155
Listed By:
Kevin Louie · License #NY 10401272716
Source:
Crexi
Added: Feb 12
Changed: Aug 8
Last Checked: Jul 24 at 6:37PM
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 RIPCO Real Estate New York
Investment Insights
Based on property information with market context.
This commercial real estate offering features an 86,003 square foot office building. The property is being offered for sale and has a capitalization rate of 7.90%.
Key Highlights
- 86,003 SqFt Office Space
- Enjoy a solid 7.90% CAP Rate
- Built in 1999
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
$1,315,846
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
7.61%
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%
$26,316,920
$26.3M
Cap Rate 7%
$18,797,800
$18.8M
Cap Rate 9%
$14,620,511
$14.6M
Market Conditions
NOI Build-Up for 86,003 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
$2.58M $30.00/SF
− Vacancy
−$825.6K −$9.60/SF
EGI
$1.75M $20.40/SF
− OpEx
−$438.6K −$5.10/SF
NOI
$1.32M $15.30/SF
Area
Bergen County, NJ
Vacancy
32.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
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%
$26,316,920
Cap Rate 7%
$18,797,800
Cap Rate 9%
$14,620,511
Alternative Uses
Best Use
Office B
$18.80M
$16.45M – $21.93M
NOI $1,315,846 @ 7.0% cap · market cap 7.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$22.46M
$19.65M – $26.20M
NOI $1,571,997 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
727
Businesses Nearby
Explore this area
Business Placement
Demographics for 07026, NJ
32,655
Population
12,234
Households
2.7
Avg Household Size
37
Median Age
24%
College-Educated
84%
High-School Grad
2.1 sq mi
ZIP Area
15,550
Density / Sq Mi
$75,701
Median Household Income
$44,462
Median Earnings
$1,612
Median Rent
$454,300
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - 86,003 SqFt office building with 7.90% CAP rate.
Where is this office building located?
The property is located at 611 River Drive Elmwood Park, NJ.
What is the asking price?
The asking price for this property is $17,300,000.
What are key features of this property?
This property features: 86,003 SqFt Office Space; Enjoy a solid 7.90% CAP Rate; Built in 1999
