Leased Office Building with
For Sale
$999,000
661 Franklin Ave, Nutley, NJ 07110
B-1-zoned office property with multiple suites, on-site parking, and proximity to major roads and rail service.
Property Size4,627 SF
Lot Size0.24 Acres
Price / SF$215.91
Days on Market23
Property Features for 661 Franklin Ave
General Information
Standard status
Active
Size
4,627 SF
Lot size
0.24 Acres
Zoning
B-1
Occupancy
100%
Net Operating Income
$85,441
Financials
Cap Rate
8.5%
Gross Income
$145,423
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Office Units
9
Building Details
Year Built
1800
Buildings
1
Building Size
4,627 SF
Tenancy
Multi
Listing Agency:
CORCORAN SAWYER SMITH
(201) 396-8447
Listed By:
DANIEL FLEISHER · License #569968 (NJ)
Source:
Luminancerealty
Added: Aug 8
Changed: Aug 30
Last Checked: Aug 25 at 5:06AM
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 CORCORAN SAWYER SMITH
Investment Insights
Based on property information with market context.
This fully leased office building contains 4,627 square feet on a 65-by-162-foot lot. The layout includes 15 offices arranged across 9 office suites, with on-site parking for at least nine cars. B-1 zoning supports the property’s existing office configuration.
The property is located on Franklin Ave near Rt 3, with access to Route 3, Route 21, the Garden State Parkway, and NJ Transit rail. Downtown Nutley is also nearby. The asset is currently occupied and reports an approximately 8.5% cap rate at asking, with financials available upon request.
The property is located on Franklin Ave near Rt 3, with access to Route 3, Route 21, the Garden State Parkway, and NJ Transit rail. Downtown Nutley is also nearby. The asset is currently occupied and reports an approximately 8.5% cap rate at asking, with financials available upon request.
Key Highlights
- Fully leased 4,627 SF office building
- 15 offices configured as 9 office suites
- 65x162 lot on Franklin Ave near Rt 3
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
$70,793
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
7.09%
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%
$1,415,860
$1.4M
Cap Rate 7%
$1,011,329
$1.0M
Cap Rate 9%
$786,589
$786.6K
Market Conditions
NOI Build-Up for 4,627 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
$138.8K $30.00/SF
− Vacancy
−$44.4K −$9.60/SF
EGI
$94.4K $20.40/SF
− OpEx
−$23.6K −$5.10/SF
NOI
$70.8K $15.30/SF
Area
Essex 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%
$1,415,860
Cap Rate 7%
$1,011,329
Cap Rate 9%
$786,589
Alternative Uses
Best Use
Office B
$1.01M
$884.9K – $1.18M
NOI $70,793 @ 7.0% cap · market cap 7.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,574 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Office units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,031
Businesses Nearby
Explore this area
Business Placement
Demographics for 07110, NJ
30,149
Population
11,981
Households
2.5
Avg Household Size
41
Median Age
50%
College-Educated
94%
High-School Grad
3.4 sq mi
ZIP Area
8,867
Density / Sq Mi
$115,215
Median Household Income
$67,621
Median Earnings
$1,698
Median Rent
$489,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - B-1-zoned office property with multiple suites, on-site parking, and proximity to major roads and rail service.
Where is this office building located?
The property is located at 661 Franklin Ave Nutley, NJ.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Fully leased 4,627 SF office building; 15 offices configured as 9 office suites; 65x162 lot on Franklin Ave near Rt 3
