Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    691 Franklin Ave Nutley, NJ 7110

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $735,000

    Mixed-use property in downtown Nutley with commercial and residential spaces.

    Type:Commercial
    Property size:
    2,498 SF
    Price / SF:
    $294/SF
    Added:
    Mar 15, 2025
    Days on Market:
    403
    Last Refresh:
    Apr 5 at 9:09 pm

    Property Features for 691 Franklin Ave

    General Information

    Standard status
    Active
    Size
    2,498 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1960

    We can help!

    Listing Contact
    MARY RYDER

    Listing agent MARY RYDER

    Listing office KELLER WILLIAMS - NJ METRO GROUP

    Listing date Mar 15, 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 KELLER WILLIAMS - NJ METRO GROUP

    Overview

    Mixed-Use Corner Lot Opportunity

    This mixed-use property presents an opportunity for investors or business owners. Situated on a corner lot in downtown Nutley, the property features a commercial space attached to a residential home. Zoned for commercial and neighborhood business, the property offers numerous possibilities, including use as an attorney's office or a coffee shop. The property provides a good amount of available space extending from the building to the public sidewalk. Its location offers proximity to a NYC bus stop on the corner, Route 3, train transportation, the ON3 Campus, and downtown shops. The property size is 2498 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Dancers In Motion Training Center

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Nutley
    County
    Essex
    State
    New Jersey
    Longitude
    -74.1499
    Latitude
    40.8283

    Nearby Similar for Sale

    • $715,000

      Nutley Two-Family Home For Sale

      Two-family home in prime Nutley location with separate utilities.
      99 Brookfield Ave, Nutley Twp., NJ 07110-1217
      View Details
    • $799,000
      2,256 SF

      Well-Maintained Two-Family Home in Nutley

      Two-family home in Nutley with modern amenities and convenient location.
      145 Harrison St, Nutley Twp., NJ 07110-3261
      View Details
    • $699,000

      Nutley Twp. Multi-Family Property

      Two-family property with updated kitchen and bath, convenient location.
      151 Conover Ave, Nutley Twp., NJ 07110-3381
      View Details
    • $2,195,000
      7,000 SF

      Mixed-Use Building with Restaurant/Bar

      Mixed-use property with restaurant/bar and apartments in Nutley Twp.
      2 E Passaic Ave, Nutley Twp., NJ 07110-3049
      View Details
    • $179,900

      Nutley Twp. Office Condo

      Professional office condo with reception area, conference room, and entrances.
      640 Franklin Avenue, Nutley Twp., NJ 07110-1200
      View Details
    • $1,199,000

      Modern Multi-Family Home in Nutley

      Built in 2017, modern design, convenient location, spacious units.
      38 Centre St, Nutley Twp., NJ 07110-3725
      View Details
    • $825,000

      Nutley Twp. Multi-Family Investment

      Three-family home in Nutley Twp. with income potential.
      Nutley Twp., NJ 07110-3730
      View Details
    • $799,000

      Value-Add Multi-Family in Nutley

      Four units near train station with NYC access and upside.
      51 Saint Marys Pl, Nutley Twp., NJ 07110-3746
      View Details
    • $2,850,000
      7,000 SF

      Mixed-Use Property in Nutley

      Mixed-use property with apartments and commercial space in Nutley, NJ.
      527 Franklin Ave, Nutley Twp., NJ 07110-1700
      View Details
    • $1,950,000
      5,600 SF

      Mixed-Use Income Property in Nutley

      Mixed-use property with warehouse, storefront, and apartments in Nutley.
      171-173 Franklin, Nutley, NJ 07110
      View Details
    • $1,359,000
      12,500 SF

      Mixed-Use Income Property in Nutley

      Mixed-use property with warehouse, storefront, and apartments in Nutley.
      171 Franklin Ave, Nutley Twp., NJ 07110
      View Details
    • $250,000

      Established Restaurant in Nutley Center

      Operating restaurant with equipment included, located in Nutley center.
      236 Franklin Ave, Nutley, NJ 07110
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property in downtown Nutley with commercial and residential spaces.
    Where is this mixed-use property located?
    The property is located at 691 Franklin Ave Nutley, NJ.
    What is the asking price?
    The asking price for this property is $735,000.
    What are key features of this property?
    This property features: Mixed‑use property featuring commercial space attached to a residential home.; Zoned for commercial and/or neighborhood business, offering numerous business options.; Prime corner lot location in the downtown area of Nutley.
    (973) 783-7400
    We can help!
    Listing Contact
    MARY RYDER
    Learn More
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!