Building Details

Building Size 700 SF

Year Built 1955

Stories 3

Units 1

Listing Agency: Coldwell Banker Realty Show Phone

Listed By: Jill K. Biggs · License #0568727 Show Phone

Source: Cammarotarealestate

Added: Oct 1 Changed: Oct 22 Last Checked: Oct 22 at 2:16PM

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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 Coldwell Banker Realty

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Investment Insights

Based on property information with market context.

This 700-square-foot medical office suite occupies the ground floor of a building constructed in 1955. Its layout includes two examination rooms, a waiting area, a storage room, and a bathroom. Commercial zoning is in place.

The suite is at 741 Bloomfield Ave in Verona Township, New Jersey, with street-facing exposure and access from the ground floor. The property is positioned to serve clients from Montclair, Cedar Grove, and West Orange.

Key Highlights

• 700‑square‑foot ground‑floor suite
• Two examination rooms, waiting area, storage room, and bathroom
• Commercial zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$10,710

Cap Rate

4.30%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$214,200 $214.2K

Cap Rate 7%

$153,000 $153.0K

Cap Rate 9%

$119,000 $119.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 700 SF

Gross rent

$21.0K $30.00/SF

− Vacancy

−$6.7K −$9.60/SF

EGI

$14.3K $20.40/SF

− OpEx

−$3.6K −$5.10/SF

NOI

$10.7K $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 Rate 5%

$214,200

Cap Rate 7%

$153,000

Cap Rate 9%

$119,000

Alternative Uses

Best Use

Office B

$153.0K

$133.9K – $178.5K (±1% cap)

NOI $10,710 @ 7.0% cap · market cap 4.30%

Second Best

Healthcare Medical

$148.9K

$130.3K – $173.7K (±1% cap)

NOI $10,423 @ 7.0% cap · market cap 4.19%

Theoretical Best

Office A

$182.8K

$159.9K – $213.3K (±1% cap)

NOI $12,795 @ 7.0% cap · market cap 5.14%

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

Property Analytics

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Open Analytics

Current Use

DR. DAVID A. PARKER Physician Dr. Marc B. ... Physician Viridis Academy Co. Training Center Affiliated Podiatry Physician

Suggested Use

Top Pick Parking Lot & Garage Bakery Garden Center Auto Parts Store Locksmith Tech Support Center

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

843

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 07044, NJ

14,572

Population

5,997

Households

2.4

Avg Household Size

44

Median Age

68%

College-Educated

98%

High-School Grad

2.8 sq mi

ZIP Area

5,204

Density / Sq Mi

$159,044

Median Household Income

$85,852

Median Earnings

$2,125

Median Rent

$595,000

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Commercial zoning and a street-level position support professional office use.

Where is this medical office space located?

The property is located at 741 Bloomfield Ave #1 Verona, NJ.

What is the asking price?

The asking price for this property is $249,000.

What are key features of this property?

This property features: 700‑square‑foot ground‑floor suite; Two examination rooms, waiting area, storage room, and bathroom; Commercial zoning